Lingerie label cites fees relating to strategic review for fall in profits and insists underlying performance is strong
Profits plunged by nearly a quarter at upmarket lingerie label Agent Provocateur final year despite a surge in sales. Sales rose 16% to £61.7m in the year to 28 March 2015 as the company opened 12 new boutiques and three franchise stores around the world,including in China, the US and France. But pretax profits slumped nearly 26% to £4.6m as the company spent £727000 on fees related to a strategic review and wrote down the value of some assets.
Agent Provocateur’s private fairness owner, and 3i,brought in consultants final year to wait on it consider a sale of the business, but was advised by Goldman Sachs to hold on to the firm that it bought for £60m in 2007.
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Source: theguardian.com