The British clothing supplier Paul Smith Limited closed the 2022/23 financial year with a slight increase in sales. However, due to higher costs, the company slipped deeper into the loss zone.
According to the latest annual report, published on Sunday in the British Companies Register, sales for the financial year ended at the end of June amounted to 152.6 million British pounds (177.6 million euros). This exceeded the previous year’s level by 3.9 percent.
Sales in its own retail grew by 9.2 percent to 59.3 million British pounds. According to its own statements, the company benefited from increasing customer frequencies after the end of the Covid-19 pandemic. In the wholesale business, sales of 83.8 million British pounds were slightly above the previous year’s level (+0.7 percent), while license income increased by 4.2 percent to 8.7 million British pounds.
However, more extensive price discounts and cost increases ensured that the operating loss grew by 54.6 percent to 11.6 million British pounds. The reported net loss increased from 8.1 to 15.6 million British pounds (18.2 million euros).