Belstaff, the UK-based clothing label, has narrowed down its losses following a good 30 per cent surge in sales in the pre-pandemic year that ended 31 December 2019.
The apparel retailer saw its sales rise by 29 per cent to clock £39.4 million for the said period.
Besides, it posted a full-year operating loss of £20 million. However, what’s noteworthy is that the number was still much better than the loss of £42.6 million recorded the year before.
The loss after tax, during the pre-pandemic year, too narrowed down to £28 million from £48 million in 2018.
The gross profit for the period increased to £4.24 million compared to loss of £2.43 million in 2018. The retailer also said that its gross margin percentage rose from 8 per cent to 10.8 per cent.
Despite all pandemic-induced challenges, Belstaff said that it has been getting good financial assistance from its parent firm as and when required.
Yes, good sales have helped Belstaff narrow down the losses, but it doesn’t end here! The retailer said that it is working closely with landlords and suppliers to correctly rebase their business costs, while at the same time ensuring it delivers exceptional service to its customers.
Founded in 1924, Belstaff is a renowned apparel brand owned by UK chemicals company Ineos.