Karen Millen manages to cut losses in FY17

Karen Millen has said in a statement that its financial results for the year ending February 2017 showed an increased gross profit of 95.4 million pounds (127 million dollars) compared to 93.9 million pounds (125 million dollars) for the prior year on sales of 158.8 million pounds (211 million dollars). The company added that continued investment in the business, particularly in digital infrastructure and a review of the full store portfolio contributed to narrowed operating losses for the year of 9.2 million pounds (12 million dollars).

Commenting on the annual results, Beth Butterwick, CEO of Karen Millen, said in the statement: “This has been a year of change at Karen Millen as we stabilised the business to prepare the ground for a return to profitable growth. The changes are already having an impact, with our new web platform driving a significant year-on-year growth in our digital business.”

The company added that the year to February 2017 saw significant change within the business including the appointment of a new CEO and CFO, further strengthening of the senior leadership team, and the delivery of a new web platform to enhance the online and mobile offering and introduce new delivery options. The business also embarked on a brand review, underpinned by extensive customer and market research.

“With more than 50 percent of our revenue coming from overseas, we’re positioned favourably to weather the ongoing challenging market conditions in the UK,” Butterwick added.

Picture:Facebook/Karen Millen