LK Bennett returns to profit as sales recover in 2022
LK Bennett on Monday released its results for the year ended January 2022 and they looked good, with sales and profits up, despite ongoing Covid restrictions during the period.
The company said that its sales rose 38% to £37.7 million with its UK sales alone up 53%, even though its stores were closed for 71 days due to British lockdowns. All international markets were also impacted by closures.
At the same time as sales recovered, gross profit rose 55% to £21.7 million and net profit was “in excess of £1 million”. The company didn’t give a comparison figure with the previous year on net profit.
But CEO Darren Topp talked about a “bounce back in trade for the financial year and a return to profit”.
He also said the company continued to invest in the future of the business in areas such as store upgrades and improved digital channels, while “constantly looking at new opportunities to bring LK Bennett to wider audiences both in the UK and internationally”.
Most importantly too, he added that the performance since January “continued to improve at an accelerated rate in the first half of this financial year”.
He acknowledged that “retail continues to operate in very challenging conditions and disposable incomes are under pressure”, but also said “we believe the fundamentals of the business are significantly stronger today”.
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