Dune reports loss, posts marginal turnover increase

Dune Topco has filed annual accounts for the period to the end of January with a marginal turnover increase to around 141.9 million pounds from 141.5 million pounds in the prior year.

The company said in a filing that the group achieved growth in the period, both overall and like for like, reflecting good progress on the key growth platforms of omnichannel in the UK market, global growth and category development, particularly accessories and men's.

The company’s sales through the Dune website were up 2.3 percent and total ecommerce sales up by 3.9 percent.

The parent company of Dune London reported 1.4 percent increase in LFL retail sales for the period. At the end of the year, the company operated 150 stores and 162 concessions.

The company’s gross profit for the period under review declined to 68.2 million pounds and EBITDA dropped to 4.9 million pounds. Dune reported an operating loss of 3.9 million pounds versus a profit of 7.6 million pounds in the previous year and loss of 1.6 million pounds.

During the year, the company said in a filing that it opened five full price stores and implemented operational improvements to the Dune London e-commerce platform to enhance the customer experience.

New stores and concessions were also opened in conjunction with the franchise partners in the Middle East, Australia and Nigeria, and existing and new wholesale accounts in the UK and overseas were expanded. The group also continued its expansion in the North American market in both concessions and online through wholesale and dropship models.

“This growth was against the backdrop of a challenging and unpredictable trading environment, with the impact of the rising cost of living, unseasonal weather and geopolitical instability, affecting demand for fashion footwear and accessories and accentuating consumer focus on newness and value. Cost inflation has also had a significant impact on profitability,” the company said.

The company plans to open new stores in high footfall locations and invest in category development, in particular in accessories and men’s, which offer a key platform for growth.