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Hackett posts 19% profit growth

Classic men’s lifestyle brand Hackett posted a profit growth of 19% for its last financial year as its niche positioning helped sales propel despite the economic uncertainty.

For the year to March 31 turnover increased by 30% from £58.0m in 2010 to £75.5m with UK turnover increasing by 13% to £25.3m.

According to documents filed at Companies House profits also shot up by 19% from £3.6m the previous year to £4.3m.

Retail turnover increased by 11% to £20.4m with wholesale turnover jumping by 39% to £55.3m. The company said the retail business saw healthy trading throughout the year as the niche market continued to be robust against retail weaknesses. The UK market saw some uplift due to strong growth from ecommerce, new openings in Heathrow airport and Ireland. The Sloane Street store saw record sales for the year.

The wholesale side of the business expanded during the year growing into new markets such as the Middle East. In the coming year the company will continue to take the brand into new global markets with the aim of focussing on underdeveloped European markets such as Germany and Italy.

However Hackett added that the retail weather continues to be uncertain with the increase in VAT rates and decrease in disposable income issues the directors continue to consider.

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