River Island, the clothes retailer, had profits fall by 90 per cent in 2022, and with headwinds still plaguing the industry, the owners will be hopeful that the return of chief executive officer Richard Bradbury will aid in the company’s recovery this year.
Operating earnings fell from £ 73.5 million in 2021 to £ 7.5 million last year due to an abundance of excess stock and inflationary pressures on the cost of goods, while profits after tax fell to £ 5.5 million from £ 62.6 million, according to a filing on Companies House.
Turnover increased by 11.6 per cent to £ 825.8 million, but footfall was the only other major measure to rise by 127 per cent due to the repeal of Covid rules.
Richard Bradbury, who returned to the helm of the fashion shop twelve years after leaving, began his post at the beginning of the year and has made “significant changes” since taking over.
“Changes are starting to bear fruit, although this year is planned to be a year of transition. Specifically, product ranges have been refocussed and a new leadership structure has been developed with several new senior hires,” the group said in its financial report.
Areas of change include refitting new stores, improving its digital business and reorganising marketing.
