Office has hailed an improvement in full-year profitability despite “tough” trading conditions in the UK market.
The footwear retailer registered a pre-tax profit of £25.9m in the 53 weeks to July 2, 2017, according to documents filed at Companies House.
That compared with pre-tax profit of £29.3m in the 74 weeks to June 26, 2016, when its bottom line was “adversely impacted” by costs relating to its acquisition by South African firm Truworths.
Office’s financial year end was extended to June following the completion of that deal, to bring its reporting in line with the wider group.
As a result, it did not provide comparative figures or year-on-year percentage increases.
Office posted EBITDA of £32.4m during its new financial year, compared with £37.6m for the prior 74-week period.
Revenues in the 12 months to July 2, 2017 hit £298.6m, compared with £387.8m in the preceding 74 weeks.
Office pledged to “continue the expansion” of its business despite predicting a continuation of an “uncertain” trading environment in the UK.
At its year-end, the retailer traded from 118 stores and 38 concessions, which operate in Selfridges, House of Fraser and Arcadia-owned Topshop and Topman.
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