All Saints falls deeper into the red despite surge in sales

Fashion chain All Saints fell deeper into the red despite more shoppers buying its leather jackets and shoes.

The London business, owned by private equity firm Lion Capital, more than doubled its losses for the year to February 3, from £16.9 million to £34.3 million.

This is despite a fifth consecutive year of growth in sales as it tries to focus more on online orders and international growth. Revenues were up 7.9% to £327 million from £303 million the year before, Companies House accounts show.

Its chief executive of six years and ex-Burberry executive William Kim, left the business to join Lion in September. All Saints’ chief operating officer Peter Wood took over.

Wood said investments in wholesale, licensing and franchising had hit profits but the benefits of spending were already showing through.

Separately, fellow fashion brand Karen Millen, which bought rival Coast from administration last month, made sales of £161.9 million for the year to February 24, up from £158.8 million.

Losses narrowed from £9.2 million to £1.4 million, according to accounts for Karen Millen Group Limited, a subsidiary of the parent company.