L. K. Bennett’s turnover decline salvaged by international expansion

Fashion retailer L. K. Bennett managed to report a five percent rise in like-for-like sales last year on the back of growth in online sales and international expansion. However, group turnover declined 1.8 percent to 93.6 million pounds (138 million dollars) owing to shuttering of its non-performing stores in the UK.

Growing presence of the brand in the US with new store launch on Madison Avenue in New York, with plans of opening another one at the World Trade Centre in August this year helped the company compensate for loss in its annual turnover. Online sales in the US increased 40 percent during the last financial year.

Founded by Linda Bennett in 1990, L. K. Bennett today operates 130 stores around the world with 86 of these in the UK. The company, as a part of its international expansion strategy, would open its debut store in Russia in September this year with an eye on establishing presence in China.

Group operating EBITDA during the fiscal to August 2015 increased to three million pounds (4.4 million dollars) compared to 2.6 million pounds (3.8 million dollars) last year. The company reported a loss of around 20 million pounds (29.4 million dollars).