Pringle of Scotland posts loss for third year in a row

Pringle of Scotland has recorded a 5 million pounds (6.6 million dollars) loss for the third year in a row, says a BBC report quoting accounts filed with the Companies House.

The company’s loss stood at 4.94 million pounds (6.5 million dollars) followed by losses of around 5.1 million pounds (6.7 million dollars) in the years 2015 and 2016. The company’s turnover on the other hand reached just over 5 million pounds (6.6 million dollars) in the year to January 28, 2017.

The report added that last year's loss was offset by an increase in share capital of 5 million pounds after the parent company Pringle Enterprises Ltd further invested in the brand. The report said quoting the company’s board of directors that direct retail development in both the UK and overseas is a key focus for the business in the short and medium term along with the development of alternative distribution channels such as e-commerce and selected licensing partnerships.

Founded over 200 years ago, loss-making Pringle of Scotland was sold to the Hong Kong-based Fang family in the year 2000.

Picture:Pringle of Scotland website