British luxury label Stella McCartney had a difficult time in 2020 due to the pandemic, but has since recovered, according to the latest reports from Companies House, the UK commercial register.
The brand reported sales of £ 28.4 million (around € 33.7 million) in the twelve months ended December 2020, a 26 percent year-over-year decrease as store closings hampered business.
The company made an after-tax loss of £ 30.4 million, a slight improvement over the previous year’s loss of £ 33.5 million.
The brand said it was also affected by the pandemic in early 2021, during the nationwide shutdown. ## Signs of recovery The company said the year-to-date sales rebound was broadly in line with expectations.
For 2021, the company is aiming for a four percent increase in sales compared to the previous year and a “significant” reduction in operating losses. Even so, the company said the outlook for 2021 remains “uncertain” and “very much dependent on the global health and economic context”.
The brand said it doesn’t think Brexit will have a “significant” impact on business.
Currently, less than five percent of global sales are generated by UK stores, which rely on cross-border goods traffic to the UK.