All Saints feels the cold: preliminary annual profits plummet

Increasing consumers’ preference for online shopping is denting British fashion retailer All Saints’ profits. The retailer has seen its underlying profits plummet by more than half over the past twelve months.

The company’s underlying profits fell to 10.6 million pounds according to ‘City A.M.’ The London-based journal points out to property losses and a drop in in-store sales as other factors influencing the slowdown. Sales rose 8 percent to 327 million pounds in the year to February.

This falls well behind the 500 million pounds in sales hoped for by Lyndon Lea, partner at All Saints owner Lion Capital, reported the ‘Sunday Times’ this weekend. The latter bought a majority stake in the company in 2011.