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Retail & Consumer

Denim jeans retailer's turnover falls by almost 拢20m as Covid-19 bites

The company's pre-tax profits also declined

Denim Merchants supplies its jeans to retailers across the country(Image: Sean Hansford)

Turnover at a Manchester-based denim jeans retailer fell by almost £20m during its latest financial year because of the Covid-19 pandemic.

Denim Merchants, which trades as DML Jeans, has posted a turnover of £46.7m for the 12 months to July 31, 2020, down from the £64.3m it achieved during the prior year.

The company's pre-tax profits also dropped from £2.5m to £1.9m.

A statement signed off by the board said: "The commercial environment is expected to remain competitive as clothing retailers continue to pressure their suppliers on price whilst maintain quality and standards.

"However, the director remains confident that the company will improve the current level of performance in the future by inducting more customers.

"Sales of Demin Merchants have dropped considerably since the arrival of Covid-19 but valiantly managed to survive through an advantage of supplying goods to various countries around the world where the lockdown rules were different from each country.

"Demin Merchants will continue to explore various markets in addition with 海角视频 and Europe to support and strengthen the business to combat with pandemics and other calamities."