London department store sees sales grow beyond £100m

High-end fashion and home furnishings department store Liberty has reported a growth in sales as turnover surpassed £100m.

According to its latest filed accounts for the year ended 28 January 2023, total sales rose 41.5% to £116.1m from £82m in 2022, further adding to its growth of 37.5% from £59.6m in 2021.

EBITDA resulted at £3.9m, improving from a loss of £3.5m. Pre-tax losses stood at £2.5m compared to its year-end profit of £3.8m recorded in the previous year.

Stated within its report, the company said EBITDA remains behind the £14.4m generated in the FY20 period, which was the pre-Covid year. It also saw restructuring costs of £722,000 during the period.

Flagship store sales rose 74.2% to £65m from £37.3m, while online sales also increased 9.3% to £44.5m from £40.7m. Liberty branded products represented £34.1m of turnover, up from £21.5m, with other brands accumulating sales of £82m, up from £60.4m year-on-year.

“As Covid restrictions were removed in the spring of 2022, footfall in London improved and the flagship store returned to trading more representative of pre-pandemic levels. The store continued to show resilience in the Christmas period as high levels of inflation and cost of living concerns were making new headlines,” the company said.

“All product categories performed well with the store. Liberty branded products outperformed third party brands, with performance seen in Accessories, Home and Beauty products. The Liberty e-commerce business has continued to grow against a market where online retail has been challenged by the resurgence of physical stores.”

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