Hobbs reveals operating loss of 3.8 million pounds

Women’s fashion retailer Hobbs reported a turnover of 132.6 million pounds for the 14 months to March 31, 2018 compared to 109.8 million pounds in the 12 months to January 28, 2017 with headline gross margin for the year at 63.3 percent compared to 63.4 percent in the prior year. Meanwhile, it was announced that Meg Lustman, Hobbs’ CEO is stepping down from her role this month and Justin Hampshire will now join the company as Managing Director.

In the filing with Companies House UK, Hobbs added that “against the challenging retail environment”, the company delivered an adjusted operating profit prior to exceptional items and foreign exchange of 2.7 million pounds compared to 3.6 million pounds in the 12 month period in 2017. An operating loss for the period amounted to 3.8 million pounds against an operating profit of 0.8 million pounds in 2017. A loss after tax was 4.8 million pounds compared to profit of 0.5 million pounds in the prior year.

The company, which was acquired by the TFG Brands London, a subsidiary of the Foschini Group Limited in 2017, further added that House of Fraser CVA is expected to result in closing of 10 concession outlets of Hobbs but doesn’t expect it to make a significant impact of the company’s ongoing trading.

Picture:Facebook/Hobbs London