Karen Millen in the red

By

Cajsa Lykke Carlson

Published
Dec 9, 2015

Karen Millen is in the red with its latest results. The British fashion company reported an operating loss of £9.7m in the year to February 28, 2015, down from a £1.9m profit in 2014.

Sales rose just 0.3% to £178m against the background of a difficult retail environment, the company said. The gross profit margin shrunk from 59% to 57%, and gross profit was down to £102.1m from £104.3m. The company said its operating loss was due to distribution costs and administrative expenses.

Karen Millen's loss after tax was £13.2m, up from £7.4m in 2014. The retailer is currently searching for a new CEO to replace Mike Shearwood, who left in September.