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Hobbs takes £19m hit from corporate sale

Premium womenswear retailer Hobbs reported an operating loss of £3.8m for the 14 months to 31 March 2018, after incurring £19m of administrative costs relating to the corporate sale of the brand.

Adjusted operating profit (before exceptional items) fell 5.9% to £2.5m. Hobbs reported a loss after tax of £4.8m.

Hobbs’ parent company – Hobbs Fashion Holdings – was sold to TFG London, a subsidiary of The Foschini Group, on 24 November 2017. The brand reported administrative expenses of £18.9m.

The brand changed its financial year to bring it in line with reporting of its parent company, so the 2017/18 results are for 61 weeks, instead of the 52 posted in the previous accounts. Turnover was up 20.8% to £132.6m.

Hobbs opened its first Hong Kong store in December 2017.

Drapers exclusively revealed in December that CEO Meg Lustman would step down this month after four years at the helm. 

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