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Missguided turnover increased 75.6 percent last year

By Prachi Singh

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Missguided has posted a 75.6 percent increase in its turnover to 205.8 million pounds (276 million dollars) for the 52 weeks ending March 26, 2017, according to the accounts filed by the company with the Companies House. The fast fashion etailer, however reported an operating loss of 1.45million pounds (1.94 million dollars) compared to a profit of 381,000 pounds (510,555 dollars) in the prior year. The company’s total loss for the financial year under review was 1.39 million pounds (1.86 million dollars) against the last year.

Missguided added that the company continues to witness growth in its ecommerce and wholesale channels and marked its entry into the brick-and-mortar retail by opening of the first store at Westfield Shopping Centre in London and later taking possession of a second store at Bluewater shopping centre in Kent in February this year. Ecommerce sales rose 40 percent in the UK and saw positive rise in the international markets. The company said, while sales growth exceeded 100percent in the US, France and Germany, even other international territories witnessed growth through their in-country websites. The wholesale channel on the other hand managed to achieve a growth of 165 percent.

The group also launched a new menswear label Mennace during the year under review, initially selling through the wholesale channel, which was later launched as an independent ecommerce site in September 2017. The label generated net sales of 200,000 pounds (267,998 dollars) and EBITDA loss of 100,000 pounds (133,999 dollars) during the fiscal year.

Missguided also announced a number of management changes in the recent past. After appointment of Jonathan Wall as Chief Digital Officer, the company roped in Kenyatte Nelson as Chief Customer Officer. Earlier in September, former deputy chief-executive of Shop Direct Gareth Jones joined Missguided as Chief Executive of online.

Picture:Facebook/Missguided

Missguided