Paul Smith revenues increase 3.5 percent

British clothing company Paul Smith has reported 3.5 percent rise in turnover for the year ending June 30, 2017 to 184.8 million pounds (261 million dollars). The company said in annual accounts filed with the Companies House UK that profits before exceptional items increased by 45.5 percent to 5.7 million pounds (8 million dollars), however profit for the year dropped from 7.8 million pounds (11 million dollars) to 2.1 million pounds (2.9 million dollars).

The company added that it has begun seeing positive results after investing in restructuring and refreshing the business and products. Retail sales for the year under review rose by 11 percent overall and 3 percent on a like-for-like basis, which the company said resulted from the closure of Fifth Avenue store in New York in January 2016 and the relocation of its Paris flagship store in September 2016. The company said its retail performance has continued to improve since year end, with season to date sales for the A/W17 season up 18 percent or 11 percent on a like-for-like basis.

Paul Smith also continued with its global footprint expansion with new store openings in Paris, Copenhagen and Birmingham. The company plans to open new stores in Manchester and Berlin and acquired a shop in Luxembourg, earlier operated by a franchise partner. Ecommerce sales also increased by 17 percent during the year, while wholesale sales to franchise partners select multi-brand shops and online retailers declined by 11 percent due to weak demand in the company’s core markets of UK, France, Russia and significant reductions in Asia.

Picture:Paul Smith website