East: reduced annual pre-tax losses and more closures

Fabindia owned womenswear chain East, has narrowed pre-tax losses as it looks to exit unprofitable stores on the high street. The fashion retailer, which runs 107 shops across the UK, reported like-for-like sales up by 0.2 percent during the year to the end of

March.

Driven by better sales, pre-tax losses at East narrowed from 1.5 million pounds last year to 712,000 pounds.

Clive Pettigrew, co-founder and boss, said that sales in the year were hindered by a mild autumn in 2013, which weakened demand for autumn and winter clothing and led to widespread discounting on the high street in the run-up to Christmas.

Likewise, Pettigrew highlighted that the retailer will continue to “review all current outlets within the portfolio on an individual basis and exit unprofitable stores when the opportunities arise.”

It is worth to remember that East reduced it shop numbers by five by leaving three standalone stores and two concession in the year to date.

2014-2015: a year for “key investments” for East

“2014-2015 is about key investments for East. We are opening further outlets including standalone stores and concessions along with new e-commerce developments,” added the fashion retailer boss.

“We will also continue to review all current outlets within the portfolio on an individual basis and exit unprofitable stores when the opportunities arise. Developments of the new stock and sales systems will continue as move towards an omni-channel model for autumn,” Pettigrew concluded.

East was founded 20 years ago on Fulham Road in London by a collection of former Monsoon employees. The retailer sells female fashion based on prints from India.

East has 61 standalone stores and 43 concession in department stores across the UK, primarily John Lewis and House of Fraser.