White Stuff cuts jobs in head office as profits fall

 
Helen Cahill
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The retailer's chief executive stepped down recently (Source: White Stuff website)

White Stuff was hit with plunging profits last year and was forced to make job cuts in its head office.

For the year ended 29 April, White Stuff's total sales grew 6.2 per cent to £153.6m.

However, earnings before interest, tax, depreciation and amortisation fell 29 per cent to £15m, which the company said was due to increased investment.

Read more: White Stuff's chief executive Jeremy Seigal to stand down

The White Stuff said in a statement: "Like many retailers, we have faced a challenging trading environment since the start of our financial year.

"The perceived uncertainty created in our consumer's mind by Brexit and the factual reality of external headwinds created by the living wage, pension costs and exchange rates, have required us to realign the business to its future needs."

The results come after the company announced its chief executive, Jeremy Seigal, is leaving the firm after four years in the top job.

The White Stuff said after the EU referendum last year that it was concerned the vote would have an impact on consumer confidence, and that it had put in place a two-year hedging policy against fluctuations in the value of the pound.

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