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Barbour Outlet remains profitable despite drop in full-year sale

Barbour remains profitable despite drop in full-year sales

Barbour has reported strong profit in the year to April 30 despite a 10.2 percent drop in sales.

The British brand’s turnover decreased to 218 million pounds from 242.8 million pounds a year earlier as the pandemic took its toll on the business.

“The impact of the Covid-19 pandemic was felt significantly throughout the year, with revenues and absolute margins down compared to the prior year,” the company said.

It continued: “With uncertainty across global markets very high and competition for dwindling demand intense, the marketplace was very difficult to navigate profitably without significant focus on appropriate cost reduction and investment in strong relationships across the end to end product life cycle.”

Barbour remains profitable

But the brand managed to increase its pre-tax profit to 36.3 million pounds from 35.8 million pounds a year earlier.

Its net profit dropped slightly to 27.9 million pounds from 28.9 million pounds.

The company said its profitability “represents a steady performance”.

It added that, “despite the challenges of the pandemic”, its balance sheet remains “relatively strong”, with cash held in the business reducing to 95.4 million pounds from 97.4 million pounds a year earlier.

It said the cash would allow it to “focus on protecting customer service, our long-term objectives and partnerships, investing for the future sustainability of our brands and the trust in our business ethos.”