// Belstaff losses narrowed and sales rose before the Covid-19 pandemic
// Sales increased 29% to £39.4m in the year ending December 31, 2019
// Belstaff also posted a full-year operating loss of £20m, this is an improvement on the £42.6m loss the previous year
Belstaff has reported narrowing losses on the back of an almost 30 per cent surge in sales for its financial year before the Covid-19 pandemic struck.
According to accounts recently filed at Companies House, the retailer saw sales increase 29 per cent to £39.4 million in the year ending December 31, 2019.
While Belstaff also posted a full-year operating loss of £20 million, this is an improvement on the £42.6 million loss it recorded in the previous year.
Loss after tax also narrowed to £28 million, compared to £48 million in 2018.
Belstaff also said its gross margin percentage improved to 10.8 per cent from eight per cent, while gross profit for the year rose to £4.24 million compared to a loss of £2.43 million in 2018.
The retailer went on to state that the Covid-19 pandemic brought about some challenges in its 2020 financial year, although specific figures are not yet known, and that it was being financially supported by its parent company when necessary.
However, it did highlight that its head office and stores were closed due to various lockdowns since last March, and that it experienced “some reduction in demand” for its products.
Belstaff also said it has been working with landlords and suppliers “to appropriately re-base our business costs whilst ensuring our customers continue to receive the higher levels of customer service Belstaff is proud to deliver”.
The retailer also highlighted possible impacts of Brexit and new trading agreements, since the EU is “a significant market for the business in terms of both importing products and customer sales”.