Operating profit at Max Mara Limited dropped by 31.9% to £2.1m for the year to 31 December 2018, compared with the same period in 2017.
Profit before taxation at the Italian womenswear brand decreased to £2.1m in the same period, down 31.4% from the year before. Overall profits for the 2018 financial year declined 32.7% to £1.6m.
However, gross profits grew 7.1% to £18m during the year, while turnover increased by 14% to £30.1m.
Max Mara is owned by the Max Mara Fashion Group, which was founded in 1951. Although Max Mara womenswear remains at the core of the company, its other brands include Max Mara Weekend, Max & Co, Marella, Sport Max, iBlues, Penny Black, Marina Rinaldi and Persona.
The group has over 2,300 stores worldwide. There are six Max Mara stores in the UK.