Luxury clothing retailer Aquascutum has narrowed its losses in its latest full-year results, despite sales plunging by 23% to £6.8m.
Aquascutum, which was bought out of administration by YGM Trading for £15m in 2012, posted pre-tax losses of £1.6m for the 12 months to March 31, 2014, an improvement of £2.5m on the previous year.
The retailer recorded sales of £6.8m, down from £8.8m the previous year.
In accounts published at Companies House, Aquascutum attributed the drop in sales to the closure of three outlet stores and its strategy to “focus on the elevation of the brand and a full-price retail channel”.
Aquascutum chief operating officer Mark Taylor said: “We are encouraged by the financial performance for March 2014, with losses reducing from the prior year. During 2014, we accelerated our retail growth plans with the opening of two additional stores in Central London - Jermyn Street and Brompton Road - and we expect to see more store openings in 2015.
“Following the debut at London Collections: Men in January 2015, and positive reaction from the industry and media, we will continue to accelerate our growth plans across all channels in new and existing markets.”
Aquascutum will relaunch its website in March this year with a focus on richer photography and content.
The retailer has six stores in the UK in locations including Westfield White City, Windsor and Canary Wharf. It is also sold at a number of House of Fraser stores and wholesales through select fashion independents.