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Forever 21 narrows UK losses as sales increase

US retailer Forever 21 has reduced its pre-tax losses in the UK to £18.4m in the year to February 28, from £66.5m the year before.

Turnover grew from £37.1m to £48.3m, according to accounts filed on Companies House.

The women’s young fashion business opened its first UK store in November 2010 at Birmingham Bullring, and now has eight.

A statement on the accounts said: “The losses from the early years of trading are a direct result of investments undertaken to establish the business and create brand awareness through marketing activities as a new entrant into the UK market.”

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