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Karen Millen helps to build Mosaic’s sales

Womenswear chain Karen Millen helped Mosaic Fashions to turn in a stellar performance for the six months to July 28, with group sales soaring 92% to £407 million.

EBITDA shot up 23% to £31.5m, but the company posted a pre-tax loss of £4.7m, compared with a profit of £5.6m last year. The drop was blamed on increased finance costs.

The results included Rubicon Retail chains Warehouse and Principles, which Mosaic acquired last year. Karen Millen recorded a 14% sales uplift, while Warehouse sales soared 17% and Whistles posted a 7% increase.

But sales at Principles dipped 9%, Coast fell 3% and Oasis saw a 1% decline. Chief executive Derek Lovelock said: “The first few weeks of autumn 07 have been challenging, but Warehouse continues to outperform in the UK.” Baugur completed its deal to privatise Mosaic Fashions last week and has delisted it from the Nordic stock exchange

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