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USC posts £8.8 million operating loss

USC, the branded young fashion chain owned by Scottish tycoon Sir Tom Hunter, posted an operating loss of £8.8m for the year to January 27. This was despite an increase in turnover to £105.1m from £100.2m.

The director's report which accompanied the accounts filed at Companies House last week stated that losses were as a result of renewed focus on upgrading stores and the product proposition to a 'premium level'.

"Unfortunately, the lead cycle on branded deliveries mean that the full effect of this could not be felt until half way through autumn winter trading," the statement said.

In addition the chain had excess stock.

Looking ahead, the company said it was ready to implement the next phase of the company's strategy in a bid to return to profitability. This includes a new e-commerce site and a repositioning to focus on menswear. The business is dramatically scaling back its womenswear offer.

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