Following a year of investment in new stores and e-commerce upgrades, the iconic designer brand renowned for its ‘classic with a twist’ pieces has posted increases in both annual revenues and pre-tax profits for the year ended June 2018.
The brand’s positioning between high fashion and formalwear certainly stands it apart. New store openings in the UK and Internationally have helped the company achieve a 12% increase in retail sales, and wholesale sales to franchise partners, department stores and selected multi-brand retailers have grown by 2.8% to £76.2m.
The brand’s e-commerce site has performed exceptionally well with increases of 26% year on year bringing the company’s total annual revenues close to the £200m mark, reaching £197m in the financial year to the end of June. This represents a 6.7% on the previous year.
Pre-tax profits increased by 3% to £3.3m, but profit for the year fell to £1.94m from £2.0m a year earlier.
“Whilst we do not underestimate the challenges in our market, we have made significant progress in returning to growth and building a strong foundation as a result of the significant investment and efforts made. Based on current levels of trade we expect a more positive outcome for the coming year,” said the company after revealing exceptional costs of £2m related to a reorganisation.
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Find out more about Paul Smith by visiting their website: https://www.paulsmith.com/uk
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