UK: English menswear brand, Hackett recently announced that it swung to a loss in its financial year ended 31 March 2016 due to the weakening pound against the dollar even before the Brexit vote and increased markdowns for the decrease.
The stylish retailer saw UK and Ireland turnover fall 2.4 per cent to £ 107.4 million in the year to March 31, but global sales rose 5.8 per cent to £ 151 million. The retail business increased by 12.5 per cent which was driven by full year trading of its London store on Old Broad Street and new openings during the year at Bluewater in Kent and Gun Wharf Quays Outlet in Portsmouth.
Wholesale revenue of the retailer, however, declined by 6.2 per cent during the period. This was largely attributed to a slowdown in European and Middle East wholesale deliveries for Spring/Summer 2016. Hackett has 113 stores and 55 concessions worldwide, and plans to continue to focus on its global expansion.