Karen Millen profits dip while sales rise

Karen Millen has recorded sales of£67 million for the year ended February 1, up from£65 million the previous year.

However, profit before tax was£5.8 million, compared with£6.3 million last year.

The retailer was acquired by Baugur for£120 million in June. Last week, Baugur president and chief executive Jón Ásgeir Jóhannesson said Mosaic, the fashion division that includes Karen Millen, Oasis and other brands, was ' a prime candidate for flotation'.

The group is understood to be working on a timeframe of 18 months for a possible IPO of Mosaic.