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Vivienne Westwood profits plunge

Vivienne Westwood

Fashion designer Vivienne Westwood saw operating profits plummet by 45% to £1.4m in the year to 31 December 2016.

Profit before tax declined by 17.9% to £1.9m compared with the previous year, according to the latest set of accounts filed on Companies House.

Gross profit margin fell from 49.3% to 46%. However, gross profit inched up by 1% to £17m.

Turnover increased by 11.3% to £37.5m. Of this, £23m came from its UK operations. Retail sales grew by 5.4% while its wholesale business surged by 37.3%.

The company said the cost of sales increased by 19.9% during the year “due in part to a weak GBP following Brexit”.

It said it has been focusing on “alleviating this pressure” by reviewing its pricing strategy. 

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