Sales at Theo Fennell rise 15% in 12 weeks to end June
Luxury jeweller Theo Fennell made a pre-tax loss of £547,400 in the year to 31 March but in the 12 weeks to end June like-for-like sales rose by 15%.
The company failed to achieve its ambition of breaking even for the full-year blaming a “disappointing Christmas” and the snow.
The pre-tax loss compares to a loss of £349,800 last year. Sales for the year just ended were £12.5 million compared with £12.6 million in the previous year.
However, The Fennell said its new 'Bee' and 'Spangle' collections were some of its best-selling ever. It attributed the "fantastic" performance of its London stores in the 12 weeks to June to both overseas tourists, especially those from China, the Middle East and Russia, and a the trend for British shoppers to seek out quality.
Theo Fennell, the chain's founder and its interim chief executive, said: "We now have a strategy in place to increase sales and grow the business. Our focus is on the international expansion of the brand, in the US and China in particular, on increasing our wholesale distribution, developing our online sales and continuing to create new and innovative product ranges and collection."
Barbara Snoad stood down as the company’s CEO last month for the second time after rejoining Theo Fennell in May 2009 to turn the company around after a period of disastrous trading.
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