LONDON — Losses at e-tailer Net-a-porter Group narrowed to 12.9 million pounds, or $20.5 million, from 19.3 million pounds, or $30.5 million, in the 12 months to March 29, according to accounts filed at Companies House, the official register of U.K. businesses.
The group’s pretax losses fell to 9.9 million pounds, or $15.7 million, compared with 10.3 million pounds, or $16.3 million, in the previous year, according to the statement. The company, which is owned by Compagnie Financière Richemont, does not comment on its financial figures beyond the annual filing in London.
All figures have been converted at average exchange rates for the periods to which they refer.
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The group operates the Net-a-porter Web site as well as Mr Porter and The Outnet.com. Losses were due to an 18.7 million pounds, or $29.7 million, share-based payment charge — an accounting charge — as well as costs linked to the setup of a media and publishing division, a beauty and grooming category for men and women, the opening of a new Hong Kong distribution center, and the launch of Porter magazine. The company also said it spent 11 million pounds, or $17.5 million, on new hardware and software development in the period.
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Sales advanced 22.6 percent to 532.6 million pounds, or $846.8 million, on the back of the new investments, and from growth across all markets, particularly the U.S. and the Asia-Pacific region. The company said in its report that sales via mobile devices accounted for 30 percent of the total.
The group’s operating profit before the share-based payment charge; a shared services charge from Richemont, and foreign exchange losses — compared with gains in the previous fiscal year — was 22.4 million pounds, or $35.6 million, compared with last year’s 16.1 million pounds, or $25.4 million. Operating profit as a percentage of sales rose to 4.2 percent from 3.7 percent in the previous year.
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