UK's Gieves & Hawkes in "weak position" but sees FY sales rise

By

Cajsa Lykke Carlson

Published
Oct 5, 2015

Retail sales at British heritage brand Gieves & Hawkes were down 3.7% to £13m in the 2014 full financial year.

The closure of two standalone stores and two concessions mid-way through 2013 drove the decline, the company said. However, like-for-like sales rose by 2.9% and the retail gross margin was up to 54.4%.

Turnover rose to £18m from £15.2m in 2013. The loss for the year amounted to £0.7m, the same as the previous year. Gieves & Hawkes commented: "The company is in a weak position because of the current year and historic losses."

It also stated that it has committed to return to The Mailbox in Birmingham once the redevelopment has been completed in 2015.