Paul Smith has posted an increase in sales and profits as it bucked the high street trend. In the year to June 30, the fashion retailer saw a nine per cent increase in sales to £215 million.
Despite a drop in footfall, which were also affected by the yellow vest protests in France, sales at Paul Smith shops which have been open for more than a year increased six per cent during the period. Meanwhile, Paul Smith’s online sale jumped 12 per cent.
Online now accounts for almost a quarter of all Paul Smith’s sales. Profits for the year climbed from £3 million to £5.4 million.
During the period, the retailer opened two new UK stores as well as shops in Copenhagen and Munich. Paul Smith currently operates from 70 countries around the world.
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