Fatface still smiling amid tough high street trading
FatFace has celebrated a lift in sales and earnings despite warning that conditions on the UK high street are unlikely to improve in the near future.
Sales increased by 7.4% to £238.4 million in the 52 weeks to June 2, representing like-for-like growth of 4.9% across the chain.
Online sales, which make up close to 20% of FatFace’s revenue, climbed 11.8% year-on-year.
The Hampshire-based business said its womenswear lines had driven the sales growth.
FatFace’s earnings before interest, tax, depreciation and amortisation rose 5.6% to £30.2m.
CEO Anthony Thompson warned that the UK retail environment had been tough and there was “no prospect” of an improvement in the near term.
The retailer, which has 216 stores in the UK and 17 internationally, has been expanding in the US with five new stores, and has further growth plans there.
“The current retail environment remains difficult and there appears to be no prospect of conditions improving in the short term,” said Mr Thompson.
“We will continue to be focused on quality, design and price integrity and will seek to continue the positive momentum in today’s results in the coming 12 months.”