While the group’s Great Marlborough Street flagship was closed for almost six months during the financial year, Liberty claimed that its online operations “benefitted from the lockdown”.
Despite this, total group revenues fell 40.1% year-on-year to £55.8m during FY21, as “the restrictions of movement to both domestic and international customers also adversely impacted revenue in the financial period”.
The luxury retailer’s online sales were driven by its beauty and home sections, with categories such as homeware, fabrics, and key replenishment beauty items the “key drivers” of growth.
In turn, Liberty narrowed its losses before tax to £1.32m from £6.7m in the 52 weeks ended 1 February 2020.
Moreover, the group reported a net profit for the financial period of £2.52m, up from FY20’s £8.34m net loss.
Liberty claimed that the material impact of the pandemic has been “solely isolated” to its flagship store, with its other two material business units of online and Liberty fabrics remaining unaffected.