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Hunter sales and profits drop

Hunter has seen sales and profits slump after a year of “significant investment” and difficult US market conditions.

Adjusted EBITDA fell by 35% to £9.2m in the year to 31 December 2016, down from £14.1m the previous year..

Revenue dropped by 9.5% to £102.9m, from £113.7m. The company said its performance this year was in line with expectations.

Hunter said it continues to see “significant” growth in new product categories and “strong momentum” in its online and retail stores.

However, its wholesale business in the US was dented by the “broader challenges” facing US department stores.

Investments made during the year include the appointment of chief executive Vincent Wauters and other senior management figures, as well as expanding its direct-to-consumer platform with a store launch in Tokyo and improvements to its supply chain and logistics infrastructure.

Wauters said the business forecasts “positive revenue growth and a strong order book in 2017”, on the back of online growth, rising clothing and bag sales and “strong results” from its Regent Street flagship.

Its clothing and bag business was boosted in the last quarter of 2016 after introducing a seasonless range called “Core Concept”.

Wauters said: “In 2016, we took important steps to put Hunter in the strongest position for future growth by continuing to invest in the organisation and operations. We also continue to be focused on ensuring we have the best distribution for our products, which includes diversifying our key wholesale partners and establishing a balanced and scalable direct to consumer platform to realise Hunter’s true potential as a global lifestyle brand.”

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