// Pre-pandemic Hobbs had been performing in line with forecasts
// Turnover for the year fell to £133 million from £135.4 million year-on-year
// Profit after tax dropped to £4.3 million from £6.3 million
Fashion retailer Hobbs has filed its accounts for the year to the end of March 2020 saying that prior to the impact of the coronavirus outbreak, the business had been performing in line with its forecast expectation.
It reported that its turnover and EBITDA were ahead of the previous year by the end of February 2020 yet the spread of Covid-19 had “gradually impacted consumer sentiment and store footfall”.
This resulted in the turnover for the year reaching £133 million, compared to £135.4 million year-on-year.
The headline gross margin for the year fell to 60.3 per cent from 61.4 per cent, which included the impact of foreign exchange and wholesale sales to its subsidiaries and other third-party wholesale partners.
Adjusted EBITDA also dropped slightly to £20.2 million from £21.9 million, while operating profit was down to £7.6 million from £10.7 million.
Profit after tax dropped to £4.3 million from £6.3 million.