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Sales up but profits slip at Lipsy

Lipsy has reported a 17% increase in turnover for the year to 28 January, fuelled by growth across all territories.

Total sales for the year came to £80.5m, up from £68.9m.

Turnover in the UK increased 14% to £69.4m. Europe, excluding the UK, increased by 36% to £4.5m and the rest of the world was up by 5% to £4.5m.

Pre-tax profit at the young fashion business slipped £200,000 to £5.2m for the year, while operating profit was down 3% to £5.8m.

Sales of third-party brands, through Lipsy & Co, increased to 34% of total sales, up from 23% in 2016.

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