Koovs has posted narrowing losses and delivered flat sales at the interim mark during what chief executive Mary Turner described as a “challenging year”.
The Indian etailer recorded a 15% decrease in its pre-tax losses to £7.8m in the six months to September 30.
Although the fashion retailer’s gross sales and revenues were broadly flat during the period at £7.9m and £3.9m respectively, it narrowed losses by boosting trading margin significantly to 18%, up from 2% year on year.
Koovs’ average order value increased 21% to £17 during the period, aided by its discounted items comprising 20% of its overall sales, down from 29% the previous year.
The online retailer, which agreed international distribution deals with N Brown power brand Simply Be and Souq.com in the Middle East, reported a 9% fall in operating costs to £7.7m during the period.
Turner said: “I am pleased with the progress we have made in our business fundamentals.
“It has been a challenging year generally for the market; however, with these strong business fundamentals, Koovs is well positioned to capitalise further on the growth opportunity.”
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