Danish retailer Tiger posted a slump in its full-year profits as increased sales and an expanded store estate failed to offset currency exchange costs.
It reported a 17% decline in pre-tax profits year-on-year to £4.5m in the year to December 31 for its stores across London and the South East, which comprises the bulk of its UK operations.
The general merchandise retailer, which sources the bulk of its products from Denmark, blamed unfavourable currency exchange rates in the final quarter of the year.
The 11% rise in turnover to £45.3m during the period was bolstered by a 22% increase in like-for-like sales to £41.7m.
UK and international expansion
Tiger is in the process of rebranding its 600-strong global store estate to Flying Tiger Copenhagen. It opened seven new stores across London and the South East and closed one during the year, taking its overall bricks-and-mortar estate to 43 outlets.
It plans to open another five stores in the region during the current financial year, as well as triple its international store estate by 2020.
UK founders Philip and Emma Bier sold their 50% stake in the business in January, 11 years after they opened the first store here.