UK-based womenswear clothing retailer Hobbs too is feeling the heat of pandemic – at least the numbers are indicting towards that.
The fashion retailer has witnessed its year-on-year (Y-o-Y) turnover fall from £135.4 million to £133 million.
The retailer said that before the pandemic, its performance was in line with its forecast expectation.
Notably, the gross margin too dipped from 61.4 per cent to 60.3 per cent for the year – this included the effect of foreign exchange and wholesale sales on its subsidiaries and other third-party wholesale partners.
The Y-o-Y Adjusted EBITDA too fell from £21.9 million to £20.2 million.
The operating profit at the fashion retailer too slumped significantly from £10.7 million in the pre-pandemic period to £7.6 million.
The profit after tax for the year slumped from £6.3 million to a worrying £4.3 million.
Founded in 1981, the London-based women’s clothing and footwear retailer has stores across the UK, concession stores in the US and Germany in addition to having franchise stores in Dubai and Sweden.