Cruise back in profit as sales rise
- Published: 19 October 2007 11:05
- Author: Anna Czerny
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- Last Updated: 19 October 2007 14:40
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Cruise, the Scotland-based designer independent chain, is back in the black with turnover up £3 million to £19.1m.
In the period from March 1, 2006 to January 27, 2007, the retailer made a pre-tax profit of £528,147, compared to a loss of £148,502 the year before.
Sales shot up by 27%, and a margin of 44% was maintained which, according to a company director's report filed at Companies House, is a result of improved stock control and better pricing policies.
The positive results come just over a year after Cruise was acquired by private equity houses Arev and the Bank of Scotland in a deal which saw former USC executive John Heath become managing director.
That deal was swiftly followed in June this year with the aquisition by Cruise of rival mini-chain Limeys after it went into administrative receivership. Since the buy out Cruise has looked for new stores opening an 8,000sq ft accessories and footwear store in Aberdeen and an adjoining 4,000sq ft Hugo boss franchise.
