- Aquascutum full-year pre-tax losses widen to £2.7m
- Sales soar 52% boosted by two new Central London stores
- Wholesale revenues rocket 366%
Aquascutum’s full-year pre-tax losses have widened despite the luxury retailer reporting a sales jump of 52%.
Group turnover stood at £10.3m for the year ending March 31 2015, up from £6.7m the previous year.
The sales rise was powered by a 366% increase in wholesale income.
Despite sales growing, the company’s pre-tax losses widened from £1.6m to £2.7m.
Gross profit margin fell from 58% to 45%, which reflected that wholesale revenues are lower margin than its retail sales, the firm said.
In accounts published at Companies House, Aquascutum attributed the rise in sales in part to opening two new stores in central London as well as “considerable growth” in wholesale.
Globally, Aquascutum’s retail arm brought in sales of £7.4m, up from £6.1m the previous year, while wholesale income soared from £634,000 to £2.6m.
The luxury fashion retailer has a presence in Europe, Asia and North America but the vast majority of its sales are from its UK home market.
Aquascutum filed for administration in 2012 and was bought by YGM Trading in the same year.
The retailer has stores in locations including Westfield White City, Windsor and Canary Wharf.
The brand is also sold in some House of Fraser stores and wholesaled through independent retailers.