Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Paul Smith warns of 'challenging' trading in 2010

Paul Smith, the upmarket menswear business, has warned that trading this year will be “challenging” and reported a dip in full-year profits.

The Paul Smith business, which comprises both retail and wholesale, said in figures filed at Companies House that turnover over the year to June 30 was £168.4m, against £149.9m the year before. Pre-tax profits dropped slightly from £22.1m to £21.6m.

Wholesale sales increased across men’s and women’s collections with sales benefiting from good sell through according to the statement. Retail sales were boosted by new shop openings and a rise in UK like-for-like sales.

However, Paul Smith’s forward order book is down on the year and a director’s report said: “Sale orders for the coming year have fallen and the retail environment across all markets will be challenging. Given these difficult conditions, this will have an adverse affect on overall sales and profits for the year ending June 30, 2010.”

According to reports, sales in Britain rose by 7% to £59.6m, while sales in the rest of Europe were up by a quarter to £54.9m. In Japan business has been “difficult”. Sales outside Europe climbed 8% to £53.8m.

Founder Sir Paul Smith sold a 40% stake in the business to Japanese licensee Itochu in 2006.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.