Outsize menswear retailer High and Mighty is confident of returning to profitability by this time next year.
The positive outlook comes despite pre-tax losses for the past three years, and the retailer also remains bullish about expansion abroad.
Managing director John Murphy said: 'Our strategy is in place to be profitable in the year to January 31, 2005. We've worked hard on our supply chain, and we've looked at suppliers and loss-making stores.'
The most recent losses were caused partly by the German own-managed store, which will close in August. Further expansion via franchises is still on the cards, with plans for eight shops in Europe in the next 18 months.
The retailer is looking for partners in France, Scandinavia, Czechoslovakia, Poland and Russia. Following the opening of High and Mighty's first franchise store in Iceland in October 2002, a second will open in Belfast in March.
The news comes on the back of a concessions deal with Web and catalogue menswear business Solid Clothing. Solid concessions, selling menswear such as shirts, ties and trousers designed for rugby-player builds, will appear in all 24 High & Mighty stores following a successful trial in eight shops over the past month.
Murphy said the deal will boost High and Mighty's offer. 'Clothes with wide collars, but an athletic fit, were missing from our range,' he said.
In the year to February 1, 2003, High and Mighty posted a pre-tax loss of£285,217 against a loss of£38,597 the year before. Turnover fell from£13 million in 2002 to£12.2 million in the year to February 1, 2003.
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