Barbour has seen operating profits rise 15% for the year to 30 April 2024, reaching £39.5m, up from £34.3m the previous year.
Despite a 6% drop in turnover, which fell to £322m from £343m, the British fashion retailer managed to boost its profits thanks to effective cost-saving measures and favourable foreign exchange rates amid what it described as “relentless” cost and pricing pressures.
The company attributed the decline in turnover to a “challenging” wholesale market and rising costs.
“Our long-term strategy remains consistent and relevant, dedicated to the vision of being recognised as a trusted and leading British global lifestyle brand with distribution channels via wholesale, retail, ecommerce and licensing,” said the heritage brand.
“We always strive to deliver excellent service, remain steadfast in our commitment to the heritage and ethics of our brand, supporting sustainable recovery and long-term growth in line with our vision and values.”
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In a bid to strengthen its presence in the Asia-Pacific region, the retailer opened a fulfilment centre in Singapore during the year. This move aims to better service demand in the area, which is increasingly important for the brand.
Following the results, Barbour group managing director Steve Buck said: “Twelve months ago, we anticipated that global markets would be very challenging and made the decision to focus on high-quality, profitable sales.
“This strategy has worked very well in generating strong demand for the brand with increased efficiency and profits. This approach is very much in line with the long-term view taken by the business.
“While demand for our brands has remained strong, there has been a general retraction in the UK wholesale market with several major retail and ecommerce closures.
“We have worked closely with all of our wholesale partners to focus on building quality, profitable sales during this time. This strategy has also set the brand up very well for future growth, which we are already beginning to see.”
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