- Prachi Singh |
British luxury brand L.K.Bennett Ltd, for its full year to July 30, 2017 reported a slight decline in sales from 78.8 million pounds (105 million dollars) in 2016 to 77.4 million pounds (103 million dollars) in 2017, with like for like sales increasing by 3.7 percent. The company said, while store like-for-like sales declined slightly, online sales progressed strongly. At operating level, the company incurred a loss of 5.9 million pounds (7.8 million dollars) excluding exceptional items compared with a profit of 0.1 million pounds (0.13 million dollars) in 2016.
Commenting on the results, Patrick Woodall, Chairman of the Group, said in a media statement: “Clearly, the results for this period were unsatisfactory, and we have taken decisive action to improve performance. Whilst the retail sector remains demanding, I am confident that, having dealt with a number of important historical issues, we now have the right foundation to succeed in the future.”
The holding company for the group’s operations – in the UK and internationally – saw a similar decline in total sales, from 92.3 million pounds (123 million dollars) in fiscal 2016 to 91.1 million pounds (121 million dollars) in 2017, with a similar like-for-like performance across channels.
The company added that in September 2017, post the financial year end, Linda Bennett acquired the 45 percent of the equity that she did not already hold in the business from Phoenix Equity Partners, returning it to her ownership.