OKA reports profit increase
OKA Direct, the furniture and interiors lifestyle brand, has reported strong end-of-year results for 2011 as it looks to expand the business internationally.
The retailer returned an adjusted EBITDA of £889,809, up from £472,487 in 2010. Profit after tax was £510,942 while turnover for the year increased across all channels by 17%.
The retailer said it had maintained strong cost control in all areas of the business as well as streamlining stock purchasing. It also rebalanced its property portfolio with the closure of its Sloane Avenue store due to the opening of its nearby Chelsea flagship and the closure of its Berinsfield store where the lease had expired. OKA said it was continuing to look for an additional flagship store.
Annabel Astor, co-founder and chief executive, said: "It has always been a priority of ours to pay careful attention to our customers’ needs and adapt the business accordingly, so it is extremely satisfying to see the OKA brand go from strength to strength. Whilst we remain cautiously optimistic for the year ahead, we are delighted that we are now able to take the OKA brand out to an international audience through the global licensing deal with LF Products. We will look to improve on the success of 2011."
In June 2012, OKA announced that it was expanding its business internationally, following a global licensing deal with LF Products, a subsidiary of Hong Kong-headquartered multinational Li & Fung Limited.
The deal will enable OKA to have a presence in Asia, the Americas, the Middle East and Europe, where it will be available to franchise in high-end department stores.
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