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Fat Face posts strong full-year results

Lifestyle retailer Fat Face’s profits rose 26% in the year to May 31, after it opened new stores and improved its multichannel offer.

Total sales increased 12% from £179m in 2013 to £200m, with like-for-like growth of 7.6%

Online sales rose 39% and now represent 15% of overall sales, up from 12% last year.

EBITDA climbed 26% from £31.2m to £39.3m.

Fat Face opened nine stores in the year to May 31, bringing its total to 209. It also repaid £29.6m of its debt, bringing net debt down to £101.5m from £123.4m in 2013.

Chief executive Anthony Thompson said: “We have made further progress in increasing our coverage across the UK through larger stores that carry more of the Fat Face range and offer greater choice, as well as improving our online offering.

Fat Face called off a planned initial public offering (IPO) on the London Stock Exchange in May, which was expected to value the company at £110m, citing “current equity market conditions” as the main reason.

Thompson said: “Since our decision not to proceed with an IPO, it remains business as usual for us and we look forward to continuing what we do best – selling quality clothing and accessories which are loved by our customers.”

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