River Island reports loss of 32.2 million pounds in 2023

Clothing brand River Island reported a full year pre-tax loss of 32.2 million pounds, while the total turnover for the year under review decreased 15.1 percent to 701.5 million pounds.

The company said in a filing that the negative performance resulted in a reduction in gross profit to 46.7 million pounds and loss after tax was 24.4 million pounds.

“2023 was a year of reset for the business. Product ranges have been re-focussed and a new leadership structure put in place with several key senior hires. The business has invested in customer propositions with stronger product ranges, an enhanced environment and an elevated digital experience,” River Island said.

The company further said that the business is now starting to see the benefits from the investment. Despite the challenging trading environment so far this year, we remain positive about the outlook.