LK Bennett sales boosted by eventwear, turnover up 30 percent
British label LK Bennett has reported a 30 percent increase in its turnover for the financial period February 2022 to January 2023, coming in at 49 million pounds.
The label said its positive results were largely attributed to the rise in demand for eventwear, triggered by the return of weddings, the Royal Ascot and other occasions.
According to LK Bennett directors, such events have generated around one million pounds in profit alone, and was particularly driven by its dress category.
The brand reported a further 40 percent rise in gross profit, to over 30 million pounds, while its margin was up 420 basis points to 61.9 percent.
Its EBITDA came in at four million pounds, three times that of last year, while its operating profit was up four times from last year at 2.9 million pounds, with LK Bennett stating that this was its “strongest year in over a decade”.
LK Bennett sets sights on US expansion
It comes as the retailer continues to expand its store network in the UK, most recently opening a new location in Cheltenham, as well as refurbishing a number of stores in its existing estate.
The brand has also set its sights on global expansion, revealing that it will be making a return to the US via wholesale partnerships this autumn.
In a release, Darren Topp, CEO of LK Bennett, said: “We are delighted to announce another year of significant growth in profit for LK Bennett, our most successful year for over a decade.
“While we recognise that this was supported by a bounce back in sales post-covid, the underlying business is stronger today as a result of the actions taken over the past four years, and I am very grateful to my colleagues for their contribution.
“We would like to thank colleagues, customers, and suppliers for their continued support.”