Forever 21 dramatically cuts pre-tax FY losses in the UK

American retailer Forever 21 has substantially reduced its losses in the UK: 

from last year´s 66.5 million pounds to this exercise´s 18.4 million pounds.

As reported by the ‘Telegraph’, accounts filed at Companies House show that Forever 21 recorded an 18.4 million pounds pre-tax loss in the year to February 28, a substantial reduction from last year´s 66.5 million pounds in losses before taxes.

These data reveal that Forever 21's loss includes a 9.3 million pounds write-down on the value of its property, a severe reduction on the 44.4 million pounds impairment charge from last year´s retailer struggle to cope with increasing rents on its high street stores.

At an operating level, Forever 21's losses came in at 15.1 million pounds, compared to 20 million pounds the previous year.

The company has said its losses "a direct result of investments undertaken to establish the business and to create brand awareness through marketing activities as a new entrant into the UK retail market".