PAUL SMITH NET GAIN: Paul Smith Ltd. has reported a 30 percent rise in net profits to 18.3 million pounds, or $28.5 million at current exchange, in the year to June 30. The figures were filed to Companies House — the U.K. equivalent of the Securities and Exchange Commission — on Tuesday. Turnover for the period rose 12.2 percent to 171.6 million pounds or $267.4 million. The company’s directors described the results as: “Very pleasing given the continuing challenges posed by the economic environment.”
New store openings and growth in sales at existing stores helped to fuel retail volume, which notched up a 9 percent rise during the year to 43.5 million pounds, or $67.8 million. Japanese licensed retail sales, which account for the majority of the company’s licensing income, rose by 5 percent during the year, “despite a very difficult year in the Japanese market,” the company stated. The label said it plans in the forthcoming year to extend the Paul Smith store on London’s Albemarle Street, having acquired the building adjacent to the existing unit.