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LK Bennett sales up 4.4% but earnings flat

Sales at LK Bennett rose 4.4% to £95.3m in the 12 months to August 2, 2014, however investment in international stores and its online offering kept underlying earnings flat at £3.6m.

Gross profit at the retailer climbed 3.2% to £61.2m during the period, with online sales rocketing up 43% to represent 13% of retail sales.

Chief executive Robert Bensoussan said the business continues to make progress in its strategy to focus on better performing stores and “continued rationalisation” of underperforming concessions and regional stores in the UK.

He also said the increase in sales was driven by a strong performance in clothing in particular.

Throughout 2014, LK Bennett opened new international stores in Boston and Chicago in the US and concessions in Spain. Last month it also added a flagship store on Madison Avenue in New York to its portfolio.

Bensoussan added: “While trading conditions remain challenging, we have entered 2015 well positioned to continue to deliver on our growth strategy, building on a robust financial position, strong backing from our shareholders, a disciplined approach to cost and the recent strengthening of our senior team.”

@LukeToddUK

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