Aquascutum reports increase in turnover as losses grow
Aquascutum, the British heritage brand owned by YGM Trading Limited, reported a 52% increase in turnover in the year to March 31, 2015, up to £10.2m.
Gross profit in the period also rose, up from £3.9m in 2014 to £4.6m in 2015. Operating profit increased from £5m to £5.66m. But the loss for the financial period increased from £1.5m to £2.6m, and Aquascutum now has net liabilities of £6m, up from £3.38m in 2014. The company said this is due mainly to an increase in funding from YGM to open new stores.
The brand did well in the UK market, where sales were up from £6.4m to £8.9m in the period. Wholesales sales also skyrocketed, up from £634,000 to £2.9m.
Aquascutum said that due to the "continued growth and success in the wholesale channel," it will continue to increase its distribution through current territories and also through new EU territories. It also stated that the market remains very competitive, especially in central London.
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