// Liberty pre-tax losses narrowed to £187,000
// Footfall at its central London store improved to near pre-pandemic levels during the summer
Liberty narrowed its losses last year as its flagship store reopened when Covid restrictions were lifted with sales now close to pre-pandemic levels.
According to accounts filed on Companies House, pre-tax losses were cut from £2.83m in 2021 to £187,000.
On an operating level, profits jumped from £88,000 to £2.48m in the year to 29 January 2022.
Sales surged 37.6% to £82m over the year.
Liberty’s flagship on Great Marlborough Street was closed for the first three months of the period due to UK lockdowns and reopened “to a market heavily impaired by lower footfall”.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
However, trading strengthened during the summer months which “gave management confidence that the pace of recovery would be in line with expectations” for the Christmas trading quarter.
Despite the reduction in international visitors, the store was “getting close to pre-Covid levels in certain periods” as flagship sales per square foot increased to £1,072.
Liberty’s beauty business further strengthened as sales of its advent calendar experienced “another record year”.
It also launched its first subscription service, Beauty Drop, which received “a very strong initial response from customers”.
Liberty believes the service will drive higher retention levels from high-value customers.
It’s online business “grew slightly” during the period benefiting from shoppers unable to visit stores.
Click here to sign up to Retail Gazette‘s free daily email newsletter
