Panache sales increased 2% to £24.8m for the year ended June 30 buoyed by international sales, which were up 13% to £13.7m.
Cleo by Panache
The lingerie firm said trading conditions in the UK were “challenging” but showed signs of improvement towards the latter half of the year. Sales of branded products in the UK fell 4.6% to £9.7m.
Overseas sales now account for 55.4% of total turnover, up from 50% in 2014.
Panache exited some lower margin own-label business during the period, which resulted in non-branded sales falling from £2m to £1.3m by the end of June.
Gross margin fell by 1.5% to 49.8% as the firm reduced its stock holding of older lines and replaced them with current, fast-moving lines.
The company, which was founded in 1982, made a profit for the year of £277,000, up 347% from £62,000 in 2014.
The family-owned firm produces lingerie under the Panache, Cleo by Panache, Panache Black and Sculptress brands, and also has a small third-party own-label business.
Global sales director Denise Shepherd, who joined the company to lead further growth in 2013, told Drapers last month that Panache is stronger than ever following a rebrand, which started the year she joined, and a new marketing campaign that focuses on aspirational role models for women.
“We now have more than 2,000 stockists worldwide including Selfridges, Harrods, Fenwick, Figleaves and Bravissimo in the UK, as well as a huge network of independents,” she said.
“We opened 32 new accounts last year in the UK including Beales and Hourstons in Ayr and we’ve opened around a dozen more this year, with a lot of them smaller independents from a new generation of women that really understand our focus on fit.”