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Profits slip at Edinburgh Woollen Mill

Profits at value retailer Edinburgh Woollen Mill slipped over the last year despite sales rising.

Pre-tax profits dropped 7% to £23.1m in the year to March 2, 2013, from £24.8m the year before. Sales rose 5% to £169.7m, up from £161.7m the year before.

In its results on Companies House the business said despite the “challenging trading environment” it continues to build a strong position in each of the markets it operates in. It added: “The company continues to prosper by means of tight cost control and investment in new stores where opportunity arises.”

In November the Edinburgh Woollen Mill Group, which owns chains including Jane Norman and Peacocks, posted a boost in profits, with pre-tax profits almost trebling to £56.7m in the year to March 2 2013, from £20.2m the previous year. Total sales rose 130.7% from £246m to £567m.

In a statement on Companies House EWM said it had “enjoyed its most profitable trading period,” largely as a result of the acquisition of Peacocks in February 2012.

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