British luxury label Stella McCartney had a tough time in 2020 due to the pandemic, but has since seen signs of recovery, according to its most recent filings at Companies House.
The brand reported sales of 28.4 million pounds in the 12 months to December 2020, a 26 percent drop compared to a year earlier, as lockdowns and store closures impacted the business.
The company made a loss after tax of 30.4 million pounds, a slight improvement on the loss of 33.5 million pounds it made a year earlier.
The brand said it continued to be impacted by the pandemic at the beginning of 2021, during the national lockdown.
Signs of recovery
The company said its sales recovery since the beginning of the year has been broadly in line with expectations.
Looking ahead, it aims to increase its 2021 sales by 4 percent year-on-year and to “significantly” reduce its operating loss.
Despite that, the company said the outlook for 2021 “remains uncertain” and is “very much dependent on the global health and economic context”.
The brand said it does not believe Brexit will have a “significant” impact on the business.
Currently, less than 5 percent of global revenue comes through the company’s UK brick and mortar stores dependant on cross border movement of goods to the UK.