Agent Provocateur profit nearly triples to £3.3m
Strong performance driven by increase in sales, particularly online, and international expansion.
3i-backed Agent Provocateur, the global designer and retailer of luxury lingerie, today provides an update on current performance together with full year financial results to 26th March 2011.
Results highlights
|
|
Year ended 26 March 2011 £’000 |
Year ended 27 March 2010 £’000 |
|
Sales |
26,682 |
24,696 |
|
EBITDA |
3,301 |
1,234 |
Current trading for 5 months to 27th August 2011
- Current trading strong with total turnover up 30% on previous year, and LFL retail sales up 11%. Online channel continues to grow strongly with sales up 58% on the previous year
- Currently trading in 55 outlets worldwide, with new stores opened in Moscow and Beirut since March 2011
- New boutiques in Miami, Rome, Amsterdam, Madrid and Lausanne on track to open before March 2012
- Further stores planned to open next year in UK, Europe, US and Far East
- New bedding range launched September 2011
- In April 2011 Agent Provocateur announced the appointment of Chris Woodhouse as non-executive chairman
Financial Results to 26th March 2011
Full year results:
- Turnover increased from £24.7m to £26.7m, an increase of 8% year-on-year
- Strong performance from retail stores with LFL sales up 5% on previous year
- EBITDA grew from £1.2m to £3.3m, an increase of 167% (2.7x) on previous year
- New boutiques opened in Madison Avenue in New York, Rodeo Drive in Los Angeles, Prague, Seoul, Athens, Barbados and Manchester
- As well as the full range on Agent Provocateur’s own website, a capsule range is available on net-a-porter
Garry Hogarth, Chief Executive, commented
“Agent Provocateur has delivered record profits in a challenging retail environment. We are in a strong financial position to develop and expand the business following the success of our investment programme over the last year. Our new stores are performing strongly and we have a number of new openings in the pipeline. We remain confident in our strategy and will continue to invest in growing our business. The focus will now be on increasing the awareness of our brand and availability of all our collections."
Notes to Editors:
The portfolio comprises 55 outlets located in the UK, France, Germany, Spain, Italy, Sweden, Denmark, Austria, Switzerland, Czech Republic, Slovenia, Russia, Greece Turkey, Dubai, Bahrain, Qatar, Lebanon, Hong Kong, Korea, USA and Barbados. The outlets include 33 own stores/concessions and 21 franchise outlets.
The Group has embarked on a major store and franchise roll-out programme and continues to develop its e-commerce business, centred on its iconic website www.agentprovocateur.com
For further information, please contact:
Ginta Gelvan, Agent Provocateur
Tel: +44 207 923 5200