Aquascutum made a pre-tax loss of £2.5m in its first year out of administration but it insists the figures have “considerably improved” in the current financial year.
The luxury fashion retailer generated sales of £8.7m in the in the year to March 31, 2013, according to documents filed at Companies House.
But Aquascutum chief operating officer Mark Taylor said: “In line with our three year strategy, the financial results for year ending March 2014, will show a considerable improvement on the £2.5m loss reported for year ending March 2013. YGM Trading is committed to investing long-term in the UK and EU territories for the brand.“
The retailer said like-for-like sales jumped 5% in 2013.
Last year Aquascutum embarked on a three-year plan to grow the brand in the UK and internationally. The retailer relaunched its website, closed two outlet stores and in November Aquascutum brought the brand back the West End, opening a new flagship store on Great Malborough Street. The luxury retailer had not traded a standalone store in the West End since it shut its Regent Street flagship in 2011 after 110 years on the site.
It is now planning to open another London store in the summer, bringing its UK store estate to five.
The document in Companies House states: “The directors are pleased to have been able to return this global luxury heritage fashion brand.
“The Aquascutum brand has a strong positioning in the international arena. The directors plan to build on Aquascutum’s rich and long history for outerwear and tailoring and believe it has the potential to expand its retail, wholesale and licence business in both existing and new markets as well as for new product categories.”
Hong-Kong based YGM Trading, which owns the luxury brand in Asia, acquired the retailer out of administration in May 2012 for £15m.