M&Co ‘robust’ despite suffering fall in annual profit
Uncertainty has hit M&Co’s figures
M&Co, the Scotland-based fashion retailer, has reported a 40% fall in operating profit after facing “unprecedented trading challenges”.
M&Co chief executive Andy McGeoch said however that the retailer has a “robust blueprint” for long-term growth.
The value fashion specialist reported a 19% fall in Ebitda from £10.8m to £8.7m in the year to February.
Online sales were up 2% but there was a 4% drop in total sales across all channels to £202.8m.
Store-like-for-likes declined but online sales advanced 2%. Operating profit before exceptionals fell from £6m to £3.6m. Net debt reduced from £19.2m to £8.7m in the year.
Mr McGeoch said: “In the face of unprecedented trading challenges, the business has delivered a solid performance over the last financial year.