Stella McCartney’s full year results for financial year 2019 reveal falling sales and wider losses, according to published documents.
The company saw total sales falling to £38.19 million, down from £42.59 in financial year 2018. The 10% decline compared with a 0.2% increase in the previous 12 month period.
Stella McCartney saw a pre-tax and post-tax loss of £31.92 million, compared to compared to £10.88 million pre-tax loss and a £10.98 million post-tax deficit in the year prior.
Gross profit for the company reached £26.35 million, down from £37.82 million in 2018. The company suggests the losses can be attributed to an increase in cost of sales and administrative expenses.
2019 was a notable year for the business however; in July McCartney entered into a partnership with LVMH, with her retaining creative control and a 51% majority of shares.
Between 2018 and 2019, Stella McCartney expanded its workforce by 26 members of staff, with most new hires heading to its selling and administration departments. It also continued to operate directly managed stores in Fulham, London; Bicester Village and the flagship store in Old Bond Street, London.
Sustainability has been a key focus for Stella McCartney in recent years, launching the world’s first 100% recyclable hoodie with Adidas, creating the world’s first Biodegradable Stretch Denim, and announcing its Autumn 2021, featuring up to 80% eco-friendly materials.
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