Hackett beats annual loss blues with upbeat holiday sales

The British label Hackett said that a considerable rise in tourists shopping during the holiday season to take advantage of the weaker pound since the Brexit vote helped the brand post rise in sales at its central London stores. However, the Evening Standard report says that the UK-based retailer sae turnover in UK and Ireland decline 2.4 percent to 107.4 million pounds (130 million dollars) in the year to March 31, while international sales rose 5.8 percent to 151 million pounds (183 million dollars).

The company reported a loss in the UK and Ireland of 8.4 million pounds (10.2 million dollars) compared with a profit last year of 949,000 pounds ( 11,541,16 dollars), which it said was due to weaker pound and heavy investments in new stores, the report added. The company operating 113 store and 55 concessions globally, however plans to move ahead with its planned expansion strategy in the international market.

Hackett said, while EBITDA narrowed by 40.9 percent, the retail business witnessed a 12.5 percent increase driven by full year trading of its London store on Old Broad Street and new openings during the year at Bluewater in Kent and Gun Wharf Quays Outlet in Portsmouth. Wholesale revenue was down by 6.2 percent, which the company attributed to a slowdown in Europe and the Middle East wholesale deliveries for spring/summer 2016.

Picture:Facebook/Hackett