Agent Provocateur profits fall but shows growth in revenue
Lingerie label Agent Provocateur saw its profits after taxation fall to £3.7 million in the 52 weeks to March 28, 2015, down from £4.6 million in 2014. However, in accounts recently filed at Companies House, the retailer posted a revenue growth of 16% to £61.7 million, achieved through a combination of positive like-for-like trading in existing and new boutiques as well as strong e-commerce growth, which climbed 30% in the period.
EBITDA was up to £10.1 million from £9.6 million in 2014 and like-for-like sales grew 4% on a constant currency basis.
During the year, the British group, owned by private equity firm 3i, opened 12 new boutiques in cities such as Los Angeles, Berlin and Melbourne, bringing the total number of worldwide boutiques to 121.
Agent Provocateur also has a diffusion line called L’Agent, designed in collaboration with Spanish actress Penelope Cruz and her sister, Monica. L’Agent’s total revenues increased 33% through wider wholesale distribution propelled by the opening of new retail stores in New York, London, Montreal and Los Angeles and its dedicated online site, which was launched in September.
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