Lipsy reports rise in annual profit

For the 52 weeks to January 27, 2018, Lipsy Limited said in accounts filed with the Companies House UK, that profit for the year after taxation amounted to 4.8 million pounds (6.3 million dollars) compared to 4.1 million pounds (5.4 million dollars) in the previous year.

The company engaged in retailing men’s and women’s wear through chain of retail stores in the UK and Ireland as well as online platform Next.co.uk and wholesale and franchise operations, reported turnover of 99.3 million pounds (131.4 million dollars) for the year under review against 80.5 million pounds (106.5 million dollars) in the previous year. Pre-tax profit for the year reached 6 million pounds (7.9 million dollars0 against 5.2 million pounds (6.8 million dollars) last year.

The company decided to close its online operations on January 27, 2018 to focus solely on sales through the Next retail limited website. The company added that dividends worth 10.7 million pounds were paid during the year and it’s directors have not recommended a final dividend.

Picture:Lipsy/Next