LK Bennett posts £30m profit thanks to partywear boom
By Cat Hage | 23rd May 2023
LK Bennett had "the strongest year in over a decade" as it posted a 40% rise in profits, driven by the post-pandemic boom in occasion wear, reports the Retail Gazette.
Growth was attributed to rising sales of partywear, especially dresses, coming out of the pandemic. Directors believe the return of weddings and events generated around £1m in profit.
Following a period of absence from Gloucestershire, LK Bennett opened a brand new store at the start of May on Cheltenham's Promenade.
Darren Topp, chief executive said: "We are delighted to announce another year of significant growth in profit for LK Bennett, our most successful year for over a decade.
"While we recognise that this was supported by a bounce back in sales post-Covid, the underlying business is stronger today as a result of the actions taken over the past four years, and I am very grateful to my colleagues for their contribution."
At the start of the year, the retailer launched its first bridalwear collection, featuring a selection of wedding dresses and accessories.
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