Luxury etailer Net-a-Porter narrowed losses by almost £4m last year as its new emphasis on full-price sales aided a revenue rise.
Revenues rose 18% to £434.7m in the year to March 31, 2013 as the level of discounting declined on previous years, boosting gross profit margin to 45.6% from 41.2%.
Pre-tax losses were £23.2m, down from £27m the year before.
Despite the sales increase the group warned it faces increased competition from luxury retailers, fashion design houses and ecommerce sites.
Net-A-Porter said it is “countering this competitive risk by regularly adding new designers, by enhancing its technology offering and online experience to its customers and by providing compelling content and an authoritative editorial voice on its websites.”
During the year Net-a-Porter, which is owned by Swiss luxury group Richemont, ploughed investment into its infrastructure, opening a Manhattan office in June 2012, a Hong Kong office in September 2012 and a Shanghai office in December 2012.
In its accounts filed on Companies House the etailer said current trading was ahead of the same period last year.