- Prachi Singh |
In its accounts filed with the Companies House UK, shirt-maker Thomas Pink said that its decision to re-launch the brand in 2018, negatively affected sales during the year to December 31, 2017. The company said, turnover declined by 23.1 percent to 26.4 million pounds (34.2 million dollars), driven by discontinuation of bundle offers from May 2017 ahead of new strategy implementation in 2018.
The company said in the filing that while the directors are “disappointed by the company’s performance during the year but are satisfied the underlying value of the Thomas Pink brand is being augmented by strong investments to relaunch and reposition the brand to highest quality levels.”
The company added that, operating losses for the year jumped to 29.5 million pounds (38.2 million dollars) from 4 million pounds in 2016, again due to provisions for inventories to be disposed, restructuring of the retail network, termination of franchise agreements and restructuring costs for personnel of the stores being closed.
The company added that strategic decision to reposition the Thomas Pink brand and in particular the modification of product offer as well as distribution network consolidation will continue to impact brand operating results throughout 2018 until the relaunch of the brand in November 2018 when a significant restart of sales and consequent operating profit is expected to occur.