Mosaic Fashions has suffered a £30.2 million pre-tax loss in the year to January 26 compared with a pre-tax profit of £17.2 million the year before.

The loss was partly because of an early repayment of£12.8 million of loan notes and higher tax charges. Mosaic Fashions’ profits were also affected by the slowdown in consumer spending and acquisition of Rubicon Retail, the umbrella company to Warehouse, Principles and Shoe Studio, in 2006.

Mosaic Fashions chief executive Derek Lovelock said the acquisition of Rubicon and de-listing of the group in October last year, “have taken up a significant amount of management time in an increasingly unforgiving retail and economic climate”.

Sales for the group, which also includes Karen Millen and Oasis, rose 49 per cent for the period, with EBITDA falling slightly to£71.9 million from£72.2 million for the same period last year.

Mosaic Fashions, backed by Icelandic investor Baugur, said that its cash position remained strong and it is expecting to return to profit next year.

Topics