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Losses mount at Cath Kidston

Cath Kidston has reported a £10.5m EBITDA loss for the 52 weeks to 25 March 2018, citing “upwards pressure on costs” and “tough underlying market conditions” for its poor performance.

The lifestyle retailer posted an operating loss of £19.6m in the period, despite expanding its store portfolio internationally. In year to March 2017, the retailer had made a restated loss of £8.4m. 

Nine stores were opened in Japan, and 10 more are planned for the coming financial year. The retailer also signed a new franchise deal with China with the potential to add 50 new stores in the next five years.

Total group sales grew by 1.2% and UK sales increased by 5.1%, including a 20.3% growth in online sales.

Cath Kidston refinanced in June 2018 and raised £40m of funding from equity sources to repay its bank debt and fund future growth.

As of 25 March 2018 the group had 219 stores worldwide across the UK, Japan, China, Spain, Asia and the Middle East.

Readers' comments (2)

  • Why is it that when Companies release bad figures, they never blame themselves? It always 'market conditions', never 'mis-management' and/or 'living beyond their means'. There must be personal responsibility at all times.

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  • There is no responsibility because the incompetent hires incompetents, resulting in no-one being held to account.

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