British fashion retailer Boden has revealed a hit to its sales last year as the pandemic took its toll on the business, but says its current trading is showing signs of recovery.
For the year to 31 December, the company’s sales came in at 332.7 million pounds, a 14 percent drop from the 387.9 million pounds it reported a year earlier.
On a brighter note, the company’s pre-tax profit increased to 18.5 million pounds from 15.4 million pounds a year earlier, with the company citing tight cost control and margin
Recovery underway, US performs particularly well
Boden said it saw a “strong performance from childrenswear and good balance of international sales continued, providing stable revenue mix”.
The retailer said it rebalanced its ranges to offer more casual styles including loungewear during the pandemic, when there was less demand for dresses and formalwear.
It also said it benefited from a sharp reduction in returns rates, which it expects to unwind during 2021, and noted that it managed to keep both its warehouses open throughout the pandemic.
In terms of current trading, the company said it has seen encouraging signs of recovery, with H1 sales up 9 percent, with a particularly strong recovery in the US.
Founder and creative director Johnnie Boden described the trading update as “a fine set of results for what was a very difficult year”.
“We are now well placed for growth as the Boden brand goes from strength to strength and we are looking forward to the future with renewed confidence,” he said.