British heritage brand Fred Perry has reported a 33.4% year-on-year rise in pre-tax profits to £28.3m for the 12 months to 31 March 2019.
The retailer said the increase was helped by its continued “firm control of the overhead cost base”. Turnover increased by 3% to £122.2m compared with the same period 2017/18, and was boosted by its operations outside of the UK and Europe.
Gross profit rose by 10.5% to £66.1m from £59.8m. Fred Perry said the year-on-year increase was the “result of a change in the sales mix and positive currency hedging”. Net assets rose to £133.1m from £122.3m.
Fred Perry plans to focus on building the brand by controlling the distribution channels of its product and improving the quality and depth of its product ranges.