Fred Perry sees increase in 2021 profit, revenue amid Covid recovery
British fashion label Fred Perry saw its revenue increase 10.4 percent in 2021 despite a “very mixed” year “dominated” by the Covid-19 pandemic.
Revenue for the year came in at 112.4 million pounds, up from the 101.8 million pounds it reported in 2020 when the company was hit hard by lockdowns, like many fashion businesses.
It said store closures still impacted the company in the first part of 2021, with UK non-essential retail closed for just over three months at the beginning of the year.
In other markets it also faced Covid-linked restrictions, but said it “achieved a stronger trading performance following the reopening of stores in April 2021 compared to the post lock down periods in 2020”.
To summarise, the company said it had a “mixed year”, with the first half “dominated by restrictions”, but “a slow return to normality” in the second half.
Despite additional pressures in the year, including disruption to global supply chains, it described the results for the financial year as “strong”.
The company made a pre-tax profit of 11.7 million pounds in the year, up from 7 million pounds a year earlier, while its net profit came in at 9.4 million pounds, up from 5.2 million pounds.
The company said: “As the global economy recovers from the Impact of the Covid-19 pandemic we will stay focused on our long-term strategy.
“The strength of our balance sheet provides the space for us to make decisions that will promote the long-term health of the brand.”