Liberty hit hard by Covid

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Jul 2021
 |  
Fashion Network
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What: The department store has filed its results for the year to the end of January and said that it was "significantly impacted" by the three separate Covid lockdown in the UK.

Why is it important: The company saw strong growth online, thanks to brand new customers,  in all categories, especially in beauty and home.

It meant the flagship was closed for almost six months of the financial period and even when it was open, restrictions on movement meant that both domestic and international tourists stayed away. Meanwhile, the office workers on which it can usually depend in London's West End were also staying at home.

That said, Liberty Online benefited from the lockdown and the company said it showed strong revenue growth year-on-year.

Looking at the numbers, total revenue fell to GBP 55.768 million from GBP 93.138 million a year earlier. Sales per square foot, including concession revenue, at its flagship store fell to GBP 358 from GBP 1,309 as the impact of the store closures kicked in.

EBITDA before non-recurring and one-off items, was a loss of GBP 12.588 million from a profit of GBP 14.442 million a year earlier. But while the company made a pre-tax loss of GBP 1.322 million, that was better than the loss of GBP 6.696 million a year earlier. And it managed a net profit of GBP 2.522 million, again, much better than the loss of GBP 8.342 million a year ago.


Liberty hit hard by flagship Covid closure but online booms