Women’s and children’s wear retailer Mint Velvet has reported a 1.2% rise in turnover to £96.5m for the 52 weeks to 27 April 2019, as the company expanded its store portfolio.
However, profit before tax dropped by 23% to £10.2m, compared with the same period in 2017/18.
The company was owed £2.2m from House of Fraser’s administration in August 2018, which led to the closure of 12 Mint Velvet concessions.
Operating profit dropped by 25.5% to £10.3m, as the company continued to invest in head office and retail teams to support future growths. Adjusted EBITDA for the period fell by 25% to £12.8m. Net assets totalled £36.7m, against £28.4m in 2017/18.
During the year Mint Velvet launched a kidswear range called Mintie.
At the year end, Mint Velvet traded from 150 locations worldwide: 44 standalone stores, 98 concessions, three franchises and five websites. During the period, seven new standalone stores opened and one concession was opened in the UK, as well as a standalone store in Switzerland. One standalone store closed.