Radley London upbeat on recovery despite drop in full-year sales

Radley London has seen signs of recovery from the pandemic despite a 34 percent drop in full-year sales.

Sales at the British handbag and accessories brand fell to 48.7 million pounds in the year to April 25 2021 from 73.5 million pounds a year earlier.

But the group’s EBITDA in the period surged to 2.78 million pounds from 0.24 million pounds.

Radley London said its sales were “significantly impacted” by the pandemic, which forced its international stores to close during various lockdowns.

But they were partially offset by online sales, which were up 38 percent from the previous year.

Recovery underway

CEO Justin Stead said the full-year results “reflect the difficult trading conditions during the pandemic”, but was upbeat on the company’s more recent trading.

“Since the reopening in April 2021, the business has recovered more strongly than anticipated and strong growth is being delivered across a significantly reshaped store base, our existing and new digital channels, across our wholesale partners and internationally, particularly from the US,” he said.

Trading in the first part of fiscal 2022 has been ahead of expectations, with sales up 47 percent in the first half versus the same period in the prior year.

Stead continued: “The business remains on an upward trajectory as customer confidence improves, with several strategic initiatives in place to deliver significantly improved EBITDA again in FY22, assuming no significant disruption from Covid-19 during the remainder of the year.”