UK's Gieves & Hawkes in "weak position" but sees FY sales rise

By

Cajsa Lykke Carlson

Published
Oct 5, 2015

Retail sales at British heritage brand Gieves & Hawkes were down 3.7% to £13m in the 2014 full financial year.

The closure of two standalone stores and two concessions mid-way through 2013 drove the decline, the company said. However, like-for-like sales rose by 2.9% and the retail gross margin was up to 54.4%.

Turnover rose to £18m from £15.2m in 2013. The loss for the year amounted to £0.7m, the same as the previous year. Gieves & Hawkes commented: "The company is in a weak position because of the current year and historic losses."

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It also stated that it has committed to return to The Mailbox in Birmingham once the redevelopment has been completed in 2015.