All Saints profits hit by retail storm
Fashion brand All Saints has seen its profits plummet as online shopping continues to take its toll on high-street fashion retailers.
The company’s underlying profits fell by more than half to £10.6m because of property losses and a drop in in-store sales.
Sales rose eight per cent to £327m in the year to February. But Lyndon Lea, partner at All Saints owner Lion Capital, said he hoped for sales of £500m after the investment firm bought a majority stake in the company in 2011.
In September Peter Wood became All Saints chief executive, after his predecessor William Kim joined Lion Capital. The figures, reported in The Sunday Times, show the ongoing difficulties faced by fashion retailers.
More than 2,500 stores disappeared from the UK high street in the first six months of this year, according to data compiled by accountancy firm PwC.
In October chancellor Philip Hammond announced a £1.5bn regeneration plan to breathe new life into the country's ailing high streets. The plan included measures to reduce business rates for smaller outlets.