Despite falling into the red in its last full financial year after stock management problems, Andrew Killingsworth is pushing ahead with plans to expand his -size clothing retailer.
Yours Clothing made an operating loss of £1.7m in the year to 29 January, after significant investment in integrated stock management systems that ended up being “incompatible” with the business, resulting in a costly £1.2m write-off. However, sales grew 5.9% to £69.6m during the period, while margins improved by 8%, and in the six months to 30 July, it made a pre-tax profit of £5m.
It opened its 130th store on 1 December, in Bromley, south-east London, and is targeting 150 to 160 in the medium term.
The retailer is exploring overseas opportunities, particularly in Europe and Australia, online and through franchises, and plans to launch a credit payment option for its customers.