Liberty losses reduce
Iconic London department store Liberty has reduced its first half losses after the relaunch of its West End flagship store proved a success.
The pre-tax loss for the six months to June 30 was £2.4m, 42% lower than the £4.2m recorded in the same period last year. A positive EBITDA of £30,000 was recorded, compared to a negative £2.7m for the same period last year.
Sales were up 18% to £25.3m, driven by sales in the luxury flagship store following its relaunch, dubbed Liberty Renaissance, in February. New brands such as Marni and Fendi in ladieswear and Burberry Prorsum in menswear were added and chairman Richard Balfour-Lynn said “Liberty has recaptured its authority in fashion.”
The company said that although it had benefited from the number of overseas shoppers in London, Liberty’s sales growth had been driven by the domestic market.