L.K. Bennett sees increase in FY like-for-like sales, fall in turnover

By

Cajsa Lykke Carlson

Published
May 2, 2016

L.K. Bennett, the British accessible luxury brand, has released its financial results for the year to August 1, 2015. Turnover fell in the period, down to £93.6m from £95.3m. But group like-for-like sales rose 5% and EBITDA hit £3m, up from £2.6m in the previous year. L.K. Bennett also reported strong online growth, in both the U.S. (39.2%) and the UK (16.8%.).

During the year, the retailer moved into new headquarters in Shoreditch, London. It has also announced that it will open a new store at the World Trade Center in the US in August 2016, and launch its first store in Russia in September 2016.

Commenting on the results, Robert Bensoussan, CEO, said: “Last year marked another stage in L.K. Bennett’s transformation towards increasing the company’s online and international presence. Through delivering circa 40% online growth in the U.S. and 17% in the UK, the business continues to position itself well for the future. Like for like sales growth demonstrated the growing demand for our products.“

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“We are also very proud to be extending the presence of the brand in selected stores worldwide, including Russia, showcasing the strength and attractiveness of our products globally, as well as the UK, where we have opened in Harrods. We continue to explore options for growth in China, where our branded shoe concession is trading very strongly.”

“Whilst like for like sales were strong, turnover was overall slightly down as we increased our focus on reducing the number of underperforming stores in the UK. EBITDA has grown and we have further strengthened the management team with the recruitment of a new Commercial Director, Supply Chain Director and Human Resources Director during the year. We believe that we are laying the foundations for continued growth in the years to come, through our focus on online development, international expansion and a disciplined approach to cost."