Hobbs, the luxury womenswear retailer based in the UK, saw its turnover for the entire year drop by 51 per cent to £65.1 million.
The apparel retailer has attributed the drop to store closures besides the slump in demand for its major product categories like officewear and casualwear.
Corroborating further, the retailer, reportedly, said that it lost 47 per cent of its store trading hours during the year.
Notably, Hobbs made a loss after tax of £15.2 million in the year, while it had madea profit of £4.3 million a year back.
The gross margin too fell from 60 per cent to 46 per cent, mainly because of the increased promotional activity during the year.
The retailer said that it was performing well in the pre-pandemic period.
Hobbs is a women’s clothing, footwear and accessories retailer that was founded in 1981. It has stores across the UK, in addition to having concession stores in the US and Germany, with franchise stores in Dubai and Sweden.
