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Paul Smith sees profits soar

Paul Smith saw profits jump 22% to £15 million for the year ended June 2008.

Sales rose by almost 15% to £150 million over the year. UK sales made up £55.7m of total sales while European sales were £44.2m and the rest of the world £49.8m.

“Both menswear and womenswear sales have continued to benefit from good sell-through and strong prior season deliveries.”

Sir Paul Smith

Sales partly benefited from new store openings in Leeds and in Heathrow’s Terminal 5.

Sir Paul Smith took home a salary of £3.9m over the year, up from £3.6m the previous year. Smith also shared a £627,000 dividend with his Japanese business partner, who took a stake in the company in 2006.

In a statement in the accounts filed at Companies House, Sir Paul Smith said: “Both menswear and womenswear sales have continued to benefit from good sell-through and strong prior season deliveries. The group continues to grow wholesale sales across all collections and all major markets.”

Sir Paul Smith featured in The Sunday Times Rich List yesterday. To see a full breakdown of the fashion fortunes click here.

 

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