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Hot Tuna narrows losses

Surfwear brand Hot Tuna saw sales rise 31% and losses narrow by 59% to £679,000 for the six months ended December 31.

Hot Tuna was boosted by increased orders from Debenhams, which has expanded the number of stores the brand is stocked in from five to 45. The surfwear brand said its strategy to shift away from smaller independent retailers to major national retailers around the world had helped boost sales.

“The board continues to monitor all aspects of the business and will work with suppliers to reduce manufacturing and development costs. To support the current order book and growth potential of Hot Tuna, the board is looking at various funding opportunities to provide the necessary working capital.”

Niels Juul, chief executive, Hot Tuna

Hot Tuna said it had also moved some of its sourcing to Turkey, which had enabled it to capitalise on shorter lead times and lower shipping costs.

Hot Tuna chief executive Niels Juul said: “We are pleased with these results in what has been a very difficult trading period across the globe. We cannot ignore the significant task ahead of us and future potential slowdown in retail sales across our key markets. The board continues to monitor all aspects of the business and will work with suppliers to reduce manufacturing and development costs. To support the current order book and growth potential of Hot Tuna, the board is looking at various funding opportunities to provide the necessary working capital.”

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