Lingerie brand Ultimo has announced a pre-tax loss of £3.9m for the year to 31 December 2016, and has warned that further losses still lie ahead.
The loss was attributed to costs, expenses and writing down intangible assets. The company noted that it expects to make further losses in the year to December 2017.
Sales for the period were £2.2m.
A spokeswoman for the retailer said: ”Trading remains incredibly competitive and the 2016 figures reflect this. It’s a pattern that we expect to continue throughout 2017, due largely to ever-increasing competition, heavy high street discounting, continued pressure on household incomes and the rising cost of imports following the Brexit decision. But we remain focused on our goal to grow revenue and return to profitability by adapting to the conditions.”
Ultimo was originally founded by Michelle Mone in 1996, and is now owned by the Sri Lankan lingerie firm MAS Holdings.