Fashion etailer Net-a-Porter recorded an increase in sales and narrowed losses last year following a reduction in discounting.

Etailer Net-a-Porter narrows losses after reducing discounts

Sales rose to £434.7m in the year to March 30 2013, up from £368.1m the prior year. Pre-tax losses fell to £23.2m from £27m the prior year, according to accounts lodged at Companies House.

Net-a-Porter said trading since year-end has been ahead of the previous year.

The business – which also includes The Outnet and Mr Porter sites – improved margins to 45.6%, up from 41.2% the prior year.

The directors said: “Total revenue was 18% higher than the prior year, following an emphasis on growing full price sales growth which resulted in a reduction in the level of discounting compared to the prior year.”

During the period, the etailer opened offices in New York, Hong Kong and Shanghai and launched a localised Asia-Pacific website.