Paul Smith, the designer fashion brand, has posted its fourth consecutive year of losses as it blamed soaring inflation for the underwhelming performance.
A pre-tax loss of £2.3 million was posted by the company, continuing a trend of losses which extends back to 2020.
The group warned that external forces such as the Ukraine war would continue to cause volatility in its costs, even if some prices have calmed in the later stages of 2023.
It wasn’t all doom and gloom at the British designer’s fashion empire, however, with global sales for the year to 30 June 2023 recovering to pre-pandemic levels for the first time.
Revenues for the financial year lifted close to 8% to reach more than £210 million.
“The business has recovered strongly, but in common with other retailers, continues to face challenges including the impact of rising inflation and low consumer confidence,” the company said.
Additionally, the group said demand for tailoring had grown, while it noted footfall had increased in big shops and airports.