Handbag maker Radley London has reported buoyanct results after its sales in the US.
The accessories brand reported retail sales were up 60 per cent in the first nine months of the current financial year, compared to the previous year.
Retail sales were up 55 per cent in the five weeks to 2 January, with Covid anxiety not deterring Christmas shoppers. In this period, retail sales were nine per cent ahead of like-for-like pre-pandemic levels.
In accounts for the financial year to 25 April 2021, underlying EBITDA surged to £2.8m last year, compared to £0.2m in 2020 when the first year of the pandemic saw profits hammered.
However, sales were down 34 per cent on 2020 levels, hitting £48.7m compared to £73.5m.
“The business is recovering strongly, centred around a clear five-point strategic plan,” Justin Stead, CEO of Radley London said.
He added: “Following some important rationalisation of our store portfolio last year, to remove loss-making stores, the business will now benefit from significant investment including a new web platform and core enterprise resource planning (ERP) infrastructure to support digital growth and further expansion into the US, as growth in this market continues to exceed expectations.”