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Revenues rise but losses widen at Missguided

By Prachi Singh

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Business

For the 53 weeks to April 1, 2018, Missguided reported rise in revenues to 215.9 million pounds compared to 205.8 million pounds last year, however, the company said in accounts filed with the Companies House UK that losses widened to 46.6 million pounds against 1.3 million pounds last year due to “significant investments made in gross margin to exit poorly selected product with an 8 percent point reduction against the prior year and a 60 percent year on year increase in central support costs.”

The company added that “in 2018, in order to support the future growth, a fresh tier of management was introduced to the business”, which it believes “was premature, materially increasing cost base and diluting the influence of its founder, particularly in the critical areas of product selection and inventory management.”

While ecommerce revenues at Missguided remained flat, overall revenues increased due to strong performance of the wholesale channel, a full year of retail store operations and the first full year of Mennace, the menswear brand.

Picture:Facebook/Missguided

Missguided