// LK hails “strongest year in over a decade” as profits rise 40%
// Growth was attributed to rising sales of partywear, especially dresses post-pandemic
LK Bennett had “the strongest year in over a decade” as it posted a 40% rise in profits, driven by the post-pandemic boom in occasionwear.
Gross profit in the year topped £30m in the year to January 2023 as EBITDA hit £4m, three times that of last year.
It made an operating profit of £2.9m, while profit margin was up 420 basis points to 61.9%.
The fashion retailer‘s turnover reached £49m across the 12-month period, soaring 30% on the previous year.
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Growth was attributed to rising sales of partywear, especially dresses, coming out of the pandemic.
Directors believe the return of weddings and events generated around £1m in profit.
Chief executive Darren Topp said: “We are delighted to announce another year of significant growth in profit for LK Bennett, our most successful year for over a decade.
“While we recognise that this was supported by a bounce back in sales post-Covid, the underlying business is stronger today as a result of the actions taken over the past four years, and I am very grateful to my colleagues for their contribution.”
At the start of the year the retailer launched its first bridalwear collection, featuring a selection of wedding dresses and accessories.
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