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New, trendy Liberty beats recession to show a profit
Sri Carmichael, Consumer Affairs Reporter27 Aug 2009
London department store Liberty has defied the recession and recorded its best performance in 10 years.
Sales revenue soared 18 per cent to £25.3million in the first half of this year, pushing the retailer into profit for the first time since 1999.
The 134-year-old West End shop floundered in the Nineties, gradually losing its edge and fashion reputation.
But a new management team has turned the company around in the past two years and invested in more trend-setting clothing and beauty labels.
Liberty today reported a £30,000 underlying profit for the six months to the end of June, a striking improvement on the £2.7million loss it made in the same period last year.
Chairman Richard Balfour-Lynn said: "Our efforts to raise Liberty's profile as a global luxury brand are beginning to pay dividends. It has recaptured its authority in fashion."
Reader views (1)
Refreshing to hear good news for a change when all forms of media are hell bent on only reporting bad news and accentuating that as well.
- Andrew, St. John's Wood, London, 27/08/2009 16:53
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