Aspinal of London's FY17 ecommerce sales surge 36 percent

Despite an IT glitch on Harrods website in December that wrongly priced Aspinal of London bags at 8.08 pounds and 2.13 pounds instead of 950 pounds and 250 pounds respectively, the company has revealed in its accounts filed with the Companies House UK that ecommerce sales jumped 36 percent, while retail sales rose 17 percent and like-for-like sales increased 8 percent for the year ending March 31, 2017. The company reported overall surge of 24 percent in revenue to 29.4 million pounds (39.6 million dollars).

The company said, international expansion through franchise and wholesale channels delivered a revenue rise of 45 percent in FY17 driven by sales growth in Europe, and the Middle East. The company further added that the group also sees significant opportunity in China for the business. Pre-tax losses for the year narrowed to 782,000 pounds (1,054,480 dollars) from 1.6 million pounds (2.16 million dollars) last year, while adjusted EBITDA rose to 1.8 million pounds (2.4 million dollars) from 1.5 million pounds (2.02 million dollars) in 2016.

During the year under review, the company opened new stores at Leeds and Edinburgh, opened new concessions in House of Fraser Metro Centre Gateshead and London Victoria. The company added that the sales growth has continued since the year-end with 11 percent rise noted at October 30, 2017 compared to the same period last year.

Picture:Facebook/Aspinal of London