// Hackett turnover drops 39.2% to £59.5m in the year to the end of March
// The EBITDA loss widened by as much as 119% to £8.5m from the £3.9m loss of a year before
// The company said that during the year it was “drastically” affected by various lockdowns
Hackett has reported a loss in sales as the demand for formalwear declined last year following several lockdowns.
Turnover fell 39.2% to £59.5 million in the year to the end of March.
The EBITDA loss widened by as much as 119% to £8.5 million from the £3.9 million loss of a year before.
The net loss narrowed to £20.58 million from £22.23 million.
The company said that during the year it was “drastically” affected by various lockdowns that had been in place in the UK.
Full-price stores suffered a reduction in sales of 82.3% during the year while its outlets saw a smaller but still huge reduction of 73.7%.
The company ended the latest year with 13 stores in the UK, and six outlets.
Ecommerce sales after returns increased by as much as 85.2% during the latest year. This followed a 6% rise in the previous 12 months. Sessions rose by 30% and conversion improved by 56% due to site improvements.
The company said it managed to reduce its outgoings by 37% in the period. As well as being a direct response to the pandemic, this was part of a transformation plan that it launched in the 2019/20 financial year and which it accelerated last year.
That transformation plan is focused on making the company more efficient and profitable, optimising traditional channels such as wholesale, franchise and physical retail, as well as improving its digital processes and sales.
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