Aquascutum’s gross profit fell by 9.2% to £3.7m in the year to 31 March 2017, impacted by the drop in the value of sterling.
The British brand’s gross profit margin fell 1.2%, according to documents filed at Companies House. It said it has “taken action on both pricing and purchase costs to ensure we manage the situation properly”.
Turnover dipped by 5% to £12.5m as a result of a planned store closure program, including the withdrawal of all concessions from House of Fraser stores. Retail made up £7.4m of sales (60%) and wholesale £5m (40%).
However, it narrowed its operating losses to £4.8m, down from £6.7m the year before.
Aquascutum was acquired by Jining Ruyi Investment Co, a holding company of China’s Shandong Ruyi Technology Group, for $117m (£95m) in March.