Operating profit at British brand Paul Smith increased by 72% to £5.7m for the year to 30 June 2019, despite challenging market conditions.
Turnover rose 8.9% to £215m, compared with the same period in 2017/18. This was a result of continued investment in new shops, business systems and promotional activities during the year.
Retail sales increased by 14% overall and 6% on a like-for-like basis, while ecommerce sales grew by 12% during the year. Direct ecommerce sales currently represent 24% of retail sales, against 23% in 2017/18.
Wholesale sales to franchise partners, department stores and selected multi-brand shops and online retailers worldwide increased by 4.8% to £79.9m.
During the period, new shops were opened at Bow Lane and the King’s Cross development Coal Drops Yard in London, as well as in Copenhagen, Denmark and Munich, and a new outlet shop in California.
Net assets remained flat at £133m.
“The directors are pleased to report positive results in the year to 30 June 2019,” said Ashley Long, managing director of Paul Smith “Turnover increased by 9% and operating profits 72% despite challenging market conditions.”