Following its acquisition by FTSE 100 heavyweight Next last year, Fatface has reported a slump into the red. The Hampshire-based firm was bought by the Leicester-based giant for £115.2m in October 2023.
According to recently filed accounts with Companies House, Fatface recorded a pre-tax loss of £3.2m in the 35 weeks leading up to 27 January, 2024, a financial period shortened to align with that of Next, as reported by .
Despite reporting a pre-tax profit of £4.6m from trading, Fatface incurred exceptional costs of £7.9m, largely due to its acquisition by Next and subsequent integration into its systems.
Over the same period, the fashion retailer's revenue totalled £191.5m. In the previous full financial year, Fatface's revenue was £281.3m, with a pre-tax profit of £19.5m.
The company generated £121.4m through its stores during the 35-week period, while its digital sales amounted to £71m. º£½ÇÊÓƵ sales were £172.5m, US revenue was £14m, sales in the Republic of Ireland totalled £4.6m and Canadian sales were £1.3m.
In the previous 12-month financial year, shop revenue was £168.1m and digital sales were £112.9m. º£½ÇÊÓƵ sales were £257.6m, US sales were £19.2m, Irish sales were £4.6m and Canadian sales were £150,000.
During the 35 weeks leading up to 27 January, 2024, Fatface employed an average of 2,721 people, compared to 2,490 in the previous 12 months.
Fatface CEO Will Crumbie commented: "Against a backdrop of a challenging external environment, we have delivered a robust performance for the 35-week period."
"Our focus on full price sales led to an improvement to margin and profit before tax as our beautiful products continue to resonate with our growing customer base."
"Our stores continue to be fantastic places to visit and shop and our digital presence remains a key part of our offer."
"During the period we took an important step in Fatface's journey, announcing our sale to Next plc in October 2023."
"This is a testament to the hard work of all colleagues who have built the brand's strong heritage, quality products and excellent customer service to emerge even stronger in recent years."
"Since this announcement, we have continued to focus on our core operations while investing in the integration of our platforms."
"I'd like to thank all colleagues for their support over this period."
"This is an exciting time at Fatface as we look to leverage our new ownership with Next, harnessing the scale and expertise of this market leading retailer, enabling our brand and our products to reach even more customers."
