EWM income rises after acquisitions

Retailer Edinburgh Woollen Mill (EWM) has announced a significant increase in revenue to £936m for the 18-month period to August 2018, compared to the 12-month period to February 2017, which included the purchase of Jaeger after it went into administration.

The results, which were published on Companies House, also saw a 14% reduction in group profits to £62.7m, partially attributed to decrease of footfall retail and the period prior to the acquisition of Jaeger.

In the 14 months after the acquisition of the menswear brand, underlying losses in the company halved from £7.1m compared with previous losses of £3.8m.

The group also acquired retail brands Berwin Holdings, Baumler Designs and Calverton Brands in 2018, in two separate purchases for £5.4m.

The group’s eponymous Edinburgh Woolen Mill brand reported a pre-tax profit of £32m, with the Peacocks fascia recording a pre-tax profit of £66.5m.

Steve Simpson, EWM chief commercial officer, said: “In the face of a challenging retail environment, our commitment to the physical high street and relentless focus on our customers’ wants and needs has enabled us to, again, stand out from the crowd.”