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Hackett's international expansion drives pre-tax profits up 74%

Hackett’s turnover increased 10% to £170m and its pre-tax profits soared 74% from £3.9m to £6.8m in the year to March 31, as it continued to expand internationally.

The classic British menswear brand saw a strong wholesale performance in the UK and Ireland, up 7% on the year before, and a strong retail performance, up 17%.

“UK retail sales have seen a strong performance as consumer confidence shows sign of strengthening,” the company said in its annual report, filed at Companies House.

Hackett refurbished a number of its UK stores during the period, which, together with the opening of its global flagship store on Regent Street in November 2013, helped to drive sales. Underlying retail like-for-likes were up 8%.

As previously reported by Drapers, the brand will open a new store on Old Broad Street in London in November.

Meanwhile its wholesale expansion continued through the year, with further openings with franchise partners in the Middle East, India, China and South America. The business said international expansion remains a key focus.

Hackett’s turnover across all markets - including Hong Kong and China - for the year ended March 31 rose to €152m (£120m), up from €146m (£115m) the year before.

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