The British clothing retailer Barbour announced its financial figures for the financial year ending April 2023. During this period, sales increased slightly, although profit was lower than the previous year./p>
While sales rose from 286.5 British pounds (around 330.9 million euros) to 342.1 million British pounds (around 395.2 million euros), supported by rising cost of sales, the company’s gross profit increased from 128, 8 million British pounds (148.8 million euros) to 149.4 million British pounds (about 172.6 million euros).
Operating profit fell from 40.3 million British pounds to 34.3 million British pounds, which had a negative impact on the overall profit, which fell from 40.5 million British pounds to 36.3 million British pounds. Net profit for the year fell to £28.1 million from £33.8 million previously.
Barbour noted in the report filed with Britain’s Companies House that cost and pricing pressures have remained “unrelenting in all markets globally” and the company is “investing heavily in several areas to continue to service its customers in these uniquely challenging times.” circumstances”.
The company’s net profit reflects a “strong performance” and “ability to manage the business during the ‘difficult macroeconomic climate'”, while the increase in sales demonstrates a significant recovery from the impact of Covid-19.
Balance sheet remains “strong” despite macroeconomic challenges
“Despite the significant cost pressures, we wanted to continue to offer our consumers good value for money and have not increased our prices in line with the cost increases we have experienced,” Barbour said. “Given uncertainty in global markets and ongoing competition for volatile demand, managing profitability has been challenging, with cost pressures high and exchange rate pressures very significant in 2022/23.”
However, it said the company’s balance sheet remains “strong” as the company’s liquidity increased to £106.4 million from £58.4 million in 2022, allowing the company to focus on long-term investments.
Barbour said the company would, among other things, continue to fund its people, systems and services while it “implements structural changes to mitigate the negative impact of Brexit.”
The European Economic Area (EEA) remains an important market for the company and it will continue to invest and build long-term partnerships in this region.
This translated post previously appeared on FashionUnited.uk