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Published
Nov 29, 2018
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Turnbull & Asser widens losses, warns of challenging times ahead

Published
Nov 29, 2018

Jermyn Street shirtmaker Turnbull & Asser has received a £1m equity injection from it owners after losses widened to £1.2m in the year to February 2018.


Turnbull & Asser


Turnbull & Asser was the first business to receive a royal warrant from the Prince of Wales when he was granted this power in 1980. But the period to February 2018 was “a challenging one” for the company, which operates three stores in London and one in New York, as well as an e-commerce site.

Losses increased by 7% from £1.09m a year earlier, and while year-on-year revenue growth was ahead of the previous year, it was lower than expected as the company had to discount stock to get rid of excess stock.

Turnbull & Asser attributed one-off costs, such as reorganisation costs, for its losses.

Meanwhile, revenue for the period grew by 3.2%, the company owned by Ali Fayed, the younger brother of former Harrods billionaire Mohamed Al-Fayed, and his sons reported.

The new financial year “started on a more positive note”, with first half profit ending ahead of targets despite lower sales revenues, the company said. But it expects the second half of this year to continue to be challenging, with sales growing at a slower pace than planned.  

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