Hush has reported falling sales and swung to a loss during the full year as the ongoing cost-of-living crisis continued to take toll.
Hush reported a fall in turnover for the year to March 20, 2024, down £10m from £62m to £52m.
The retailer swung to an operating loss of £7.9m during the year in comparison to an operating profit of £1.4m in the previous year.
EBITDA during the period also came in at a loss of £5.1m, down from £2.8m.
In a Companies House filing Hush said that the ongoing cost-of-living crisis caused a “significant impact” on the womenswear market, which is its main trading market.
Hush also noted rising costs and increased investment in promotional activity during the year, which helped it “drive demand and maintain stocks at a manageable level”.
Hush said it remained “committed to investing for growth” during the year following its brand relaunch in October 2023, as well as its launch online at Next.
The fashion retailer also gained B Corp status last September.
With an eye to the 2025 full-financial year, Hush said it is planning increased investment into its brand partnerships in a bid to gain new customers and boost sales in “key strategic markets”.
This comes following a number of changes within the Hush leadership team of late, which started with the departure of chief trading officer Don Davis in June last year.
Hush also announced the appointment of former Sephora chief financial officer Rebecca Scott as its new chief trading officer that month, while former Hunkemöller chief executive Philip Mountford joined the board as chair in November 2024.
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