LK Bennett reports sales bounce back in FY22
LK Bennett has announced its financial results for the year ending 31 January 2022, with group sales up 38% year-on-year.
The company reported that group sales had risen 38% to £37.7 million, with U.K. sales up 53%.
Gross profit grew by 55% to £21.7 million, with the premium retailer reporting its net profit was in excess of £1 million.
LK Bennett was founded by Linda Bennett 30 years ago in Wimbledon Village. She sold a majority stake to Phoenix Equity Partners in 2008 for a reported £100 million, though retained a shareholding.
In 2017 she returned to the business and bought out Phoenix, investing approximately £11 million of her own money. However the business fell victim to prevailing tough conditions on the high street and collapsed into administration in March 2019.
The business was bought by Rebecca Feng, who runs the brand's Chinese franchises through a company called Byland UK. 15 of LK Bennett's 36 stores closed as part of the deal.
Darren Topp, CEO at LK Bennett, said: "LK Bennett are pleased to report a bounce back in trade for the financial year ending January 2022 and a return to profit. This was achieved despite being closed in the U.K. for 71 days during this period due to COVID-19 restrictions, with all international markets impacted.
"I would like to take this opportunity to thank my amazing colleagues, our customers, suppliers, and landlords who have supported us during these challenging times.
"We continue to invest in the future of the business in areas such as store upgrades and improved digital channels, whilst constantly looking at new opportunities to bring LK Bennett to wider audiences both in the U.K and internationally.
"Our performance since January 2022 has continued to improve at an accelerated rate in the first half of this financial year.While retail continues to operate in very challenging conditions and disposable incomes are under pressure, we believe the fundamentals of the business are significantly stronger today."
