Fashion brand Joseph returns to profit
Joseph has posted an operating profit of £0.4 million for the 12 months to 30 November 2022 compared to a loss of £8.9 million in the prior year.
The news marks the first time that the upmarket fashion brand has turned a profit since 2015.
Meanwhile, sales increased by 30% year-on-year to £47.1 million.
Barbara Campos, chief executive of Joseph, said: “In 2022 we saw a significant improvement in our group and company’s financial performance as a direct result of the turnaround project we embarked on in 2019.
“Despite the impact of Covid on performance in 2020 and 2021, we are delighted to have turned an operating income profit for the first time since 2015.”
Since the end of the financial year, the company has been focusing on improving processes and profitability with the aim of strengthening its infrastructure as it prepares for growth.
Campos added: “We look forward to building on this momentum, continuing with our transformation strategy and driving future growth and profitability for the business.”
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