Footwear and accessories retailer Dune has reported good trading in the autumn/winter period after a fall in sales and profits in its last financial year.
Annual results filed with Companies House showed that parent Dune Topco’s sales came in at £138m in the year to end January 31, 2025, down from £141.9m. The retailer posted EBITDA of £0.2m – down from £4.9m the previous year.
However, Dune is ”trading strongly” at present, despite tough conditions. The autumn/winter season has generated “double-digit positive” like-for-likes, as shoppers have bought into boots and handbags.
Dune reported that gross margin has “increased significantly” and that “strong progress” has been made on upping the average transaction value as it moves from being a UK footwear retailer to a “global footwear and accessories brand”.
While UK trading was challenging last year, international sales now represent 35% of the total. In the US, partnerships with retailers, including Nordstrom, are performing well, while Dune has been rolling out in Europe through online platform Zalando and the appointment of distributors in Scandinavia, Germany and Greece.
The group said last year its retail business achieved sales growth in total and like-for-like, and “growth in earnings in international markets” through consolidation of lower margin accounts, development of key markets and lower administrative costs.
Dune founder and chair Daniel Rubin said: “I am excited about the prospects for the Dune London business – on the back of the strong current trading, the growth of our handbag sales and most importantly, the success of Dune London in international markets.
“The past few years have been challenging. The combination of weak consumer demand, big increases in our cost base, not helped by the government’s ill-conceived increase in national insurance, whilst going through a major transition, has been painful. However, the group has turned a major corner in realising its ambition to become a global footwear and accessories brand.”
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