Profits rise at East
East, the womens fashion retailer selling Asian influenced clothing, has defied the high street gloom by announcing a 5% rise in sales to £38.9 million for the year to 31 January. Pre-tax profit increased by 9.5% from £2.1 million to £2.3 million.
The retailer said: “The directors are pleased to report another successful year for East despite the economic challenges experienced in both the UK and in the international supply markets.”
Furthermore, it said that the first quarter of its new financial year had “started as planned with profit targets exceeded”.
East was founded by three former Monsoon employees Clive Pettigrew, Penny Oliver and Jonathan Keating. The brand has 85 outlets, with 55 stores and 30 concessions.
Wth six new stores opening in the the last financial year the retailer said: “The majority of the new outlets opened in the latter part of the year and therefore the full positive sales impact will be felt in 2011/2012, however, the one-off opening costs were incurred in the year.”
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