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Profits rocket at Paul Smith

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.” 

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