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Growth at Paul Smith follows flurry of store openings

Turnover at British brand Paul Smith increased by 6.7% to £197.3m for the year to 30 June 2018, during which the retailer invested heavily in its store portfolio.

Operating profit rose 1% to £3.3m following “a period of challenge, transition and significant change.”

Retail sales increased by 13% and have continued to grow since the year end. UK turnover accounted for £71.8m (43.5%) of the total.

The brand targeted key markets with new stores last year, including openings in Manchester and Berlin as well as Coal Drops Yard in London’s King’s Cross and a store in Copenhagen since the year end.

New stores are planned for Munich and California in the new year. Group branches outside the UK now include France, Italy and Japan.

Online sales soared by 26% during the year and now represent 23% of retail sales.

Wholesale increased by 2.8% to £76.2m. Sales to department stores, ecommerce and independents were up, but sales to franchise partners, mainly in the Middle East and south-east Asia were down.

This article corrects some figures and replaces an earlier version with the same headline.

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