LK Bennett FY sales up 38 percent

LK Bennett reported a 38 percent increase in group sales to 37.7 million pounds in the year ended January 31 2022 as it recovered from the pandemic.

The sales increase came despite all international markets being impacted by Covid-linked store closures in the period.

Sales in its home market of the UK jumped 53 percent during the year despite 71 days of store closures.

The British brand reported a 55 percent increase in gross profit to 21.7 million pounds, while its net profit was “in excess of 1 million pounds” compared to a loss the prior year.

Recovery continues in current trading

“Our performance since January 2022 has continued to improve at an accelerated rate in the first half of this financial year,” said CEO Darren Topp in a statement.

“While retail continues to operate in very challenging conditions and disposable incomes are under pressure, we believe the fundamentals of the business are significantly stronger today,” he said.

Looking ahead, Topp said: “We continue to invest in the future of the business in areas such as store upgrades and improved digital channels, whilst constantly looking at new opportunities to bring LK Bennett to wider audiences both in the UK and internationally.”

LK Bennett fell into administration in March 2019. A month later, Chinese franchise partner Byland UK bought the UK, Irish and wholesale division of the company, and the brand closed several of its stores and moved others to turnover-based rent models.

The brand was just one in a long list of British fashion companies to have launched CVAs in recent years as they struggled to cope with the impact of Covid-19, including New Look, AllSaints, Bair Group, Hotter Shoes, and Monsoon Accessorize.