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British outerwear brand Barbour’s operating profits surged 12.3% to £39.6m for the year to 30 April 2024 despite a 6.2% drop in turnover to £321.8m.
According to Barbour, its profits were driven by a focus on cost reductions and foreign exchange gains.
However, its turnover was affected by a challenging wholesale environment and rising costs.
Its gross profit also increased 48.1% compared with 43.6% in the prior year.
Additionally, the group increased its employee base to 1,175 from 1,132.
As part of its “New Heritage” retail concept, it also opened new stores in Leeds’ Victoria Quarter, London’s Covent Garden and Soho.
The new concept combines industrial design elements with Barbour’s craftsmanship tradition.
Barbour said: “Despite the current uncertainty and market contraction, we believe in the sustainable long term growth of our business and as such we will invest where appropriate in our people, our service and our systems.”
