River Island profits plunge
By Sarah Wood | 10th October 2023
Fashion retailer, River Island has seen operating profit fall by 90%.
The retailer, which has stores in Gloucester and Cheltenham, saw profits drop to £7.4m, despite turnover rising by 12%, as it dealt with inflation and costs to clear excess stock.
But River Island, which has more than 300 stores across the UK, said it ended the year with "substantial cash reserves", as reported by Retail Gazette.
The retailer is remaining upbeat and said the return of former chief executive, Richard Bradbury, as executive chairman at the start of the year is already having a positive impact.
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