Fashion retailer Club L London has seen its turnover rocket in its most recent financial year as it targets international expansion in 2025.
In a filing to Companies House, Club L London’s turnover increased 51% year on year to £44m in the 14 months to March 31, 2024.
Gross profit for the period surged from £17.7m to £23.3m.
Despite the hike in sales and gross profit, profit before tax fell from £3.6m to £3m during the period.
The fashion retailer, which specialises in occasionwear for women, called the year one of “continued growth” despite a backdrop of “poor consumer confidence, high and persistent inflation and a cost-of-living crisis”.
Club L London said it is “confident” profit before tax will bounce back beyond historic levels this year as it continues to push for growth in the UK and internationally.
The company said its main strategic focus for the year ahead is “increasing international presence”.
Club L London said in a statement: “The extended 14-month financial period was a period of continued growth for the brand. This is despite a backdrop of poor consumer confidence caused by high and persistent inflation and a cost-of-living crisis.
“The group invested in a new distribution center and headquarters during the prior financial year, with the first full year of costs in the current financial year. The group also continued to invest in people with headcount increasing to 94 from 64 in 2023.
“The directors are confident that profit before tax will increase back to beyond prior-year levels during 2025 following continued growth in the brand in the UK and internationally.”
Founder and chief executive Katie Randev added: “We’ve delivered another strong year of profitable growth while investing heavily in our infrastructure, including our bespoke warehouse and flagship Manchester HQ.
“While inflationary concerns and the ongoing cost-of-living crisis continue to impact consumers and businesses alike, we have continued to grow despite the challenging climate. We remain laser-focused onthe opportunities ahead in the US, Middle East, and Europe and have plans to further accelerate growth in these key markets this year.”
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