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River Island has fallen to a pre-tax loss of £32.2m for the year ended 30 December 2023, compared with a profit of £7.5m for the same period in the previous year.
It comes as the retailer’s sales fell 15% to £701.5m, down from £825.8m in the previous year.
It attributed this to increased competition and customers looking for “more diverse, convenient and speedier” shopping experiences.
As a result the company labelled 2023 as a “year of reset” as it continues the roll out of its new concept stores.
It also stated that ongoing “disruptions” in the Red Sea had led to a lack of ships that could cause stock build-ups, shortages and delays in its supply chain.
The company said in a filing on Companies House: “The business has invested in the customer proposition − with stronger product ranges, an enhanced shopping environment in stores and an elevated digital experience.
“The business is now starting to see the benefits from the investment. Customers are reacting positively and that is delivering improved business performance.Despite the challenging trading environment so far this year we remain positive about the outlook.”
