FatFace 'price promise' helps deliver 7.9% increase in full price sales
Lifestyle clothing brand FatFace has reported a 7.9% year-on-year increase in full price sales in the 54 days to 24 December after deciding not to take part in Black Friday discounting.
Sale inventory was therefore 22% lower than prior year which enabled the retailer to launch its Spring range two weeks early
FatFace enjoyed a record week of full price sales in the final week before Christmas.
Anthony Thompson, chief executive of FatFace, said: "We are pleased to report another good trading performance despite a challenging retail environment.
“The November 'Price Promise', guaranteeing prices up until Christmas, clearly resonated with our customers, as evidenced by the 7.9% increase in full price sales on the prior year.
“Our focus on improved quality, design innovation and more choice of luxury yarns, fabric and gifting was also received well, and provides opportunity to further enhance our offer in coming seasons."
Looking at current trading, Thompson said currency devaluation, consumer uncertainty and cost inflation are contributing to an already challenging environment. He added: “We remain confident that with our focus on quality, design modernity and value for money we will remain resilient and become even stronger in a weaker market."
FatFace’s new distribution centre is on track to open during 2017 and the retailer is planning to open around eight to 12 new stores in the UK and US this year.
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