Chic: Actress Olivia Palermo models clothing supplied by Coast

Fashion profits fall as Icelandic firm goes cold on sale

Fashion chains Coast, Warehouse and Oasis have all revealed falling profits just weeks after their owner called off a sale.

The three brands – whose garments have been worn by celebrities including Holly Willoughby, Emma Willis and the Duchess of Cambridge – were put up for sale last December by Icelandic bank Kaupthing.

There had been hopes the group would attract bids up to £100million, but the brands were taken off the market last month. The chains have a total of 1,000 outlets and more than 6,000 staff.

Chic: Actress Olivia Palermo models clothing supplied by Coast

Chic: Actress Olivia Palermo models clothing supplied by Coast

Accounts filed last week for the year to February show profits across the businesses slumped and sales at two of the businesses also fell.

Oasis Fashions reported an uplift in sales from £149million to £151million. Directors had opened four new stores and had expanded overseas – including into Russia.

Coast had completed the final year of its three-year turnaround strategy and was poised for growth. It recorded a £79million turnover, but profits dropped from £1.6million to £200,000.

Warehouse, which has just started its turnaround plan, made a pre-tax loss of £12.3million on sales of £108million compared with a loss of £1.1million on £124million of sales the previous year.

Posted on; DailyMail>>

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