TFG London swings to full-year profit

THG London swung to a profit in its most recent fiscal year as it continued to recover from the pandemic.

The company, which owns labels Phase Eight, Whistles, and Hobbs, made a profit after tax of 3.46 million pounds for the year ended March 25, compared to a loss of 0.1 million pounds a year earlier, according to filings at Companies House.

That came as turnover increased 8.9 percent to 377.7 million pounds.

The company hailed a “strong” financial performance despite a “challenging economic backdrop” in the UK amid high inflation and a cost-of-living crisis.

It said the rise in sales was driven by a combination of a positive like-for-like performance and the opening of new stores.

The company added that: “The return to a more normalised consumer demand pattern post Covid continues to be unpredictable and tough economic conditions have impacted both consumer sentiment and purchasing habits.”

However, it said store footfall continues to be on an “upward trend”.

Overall, TFG had 589 stores at the end of the year, down from 684 stores the same time a year earlier.