English Fashion House Cath Kidston has posted a £10.5 million EBITDA loss for the year to 25 March 2018, attributing the fall to cost pressures and a weakened sterling.
11 UK Cath Kidston stores were relocated or closed during the year, with seven new openings, as part of a more strategic approach to physical retail. The intent was to focus on high footfall locations such as stations, malls and airports.
The retailer became the latest in a long line of businesses blaming profit struggles on the fall in the value of the pound following the EU referendum in June 2016.
It has been a difficult year for the lifestyle retailer, which announced it would be reviewing its store portfolio in September, and renewing leases on a case by case basis.
The business also suffered a wave of high-profile departures, including losing their chief operating officer, Geert Peeters, to Dr Martens in June. Chief financial officer Neil Harrington left in September, while head of buying for fashion and accessories Fiona Parker left in July. Director of marketing Sue Chidler also left in July, after almost five years in the role.