LK Bennett see sales rise by 15.6%
Profits rose 17% to £54.6 million while gross margin increased to 66.8% as the retailer grew the proportion of shoes and bags it sold. The company also said that online sales were growing at the rate of 100% per year with its website producing twice the numbers of sales as its best performing store in London’s Mayfair.
Around 45% of the retailer’s annual sales revenues came from shoes, 45% from clothing, and the remainder from bags and accessories. Executive chairman Robert Bensoussan told the FT: "Over time, we want that to become 70% shoes and bags, and 30% of clothing."
The FT reported that LK Bennett’s 2011 accounts record a pre-tax loss of £9.7 million as a result of £61.9 million of shareholder loan notes, on which a coupon of 13% is rolling up. This has led to a £10.8 million interest charge being accounted for in the period.
LK Bennett is majority owned by private equity firms Phoenix and Sirius Equity although founder Lidia Bennett retains a 30% stake in the business.
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