Savile Row tailor Gieves & Hawkes, whose suits are popular with Prince Harry, on Wednesday said sales have slipped but it has returned to profitability.
The Royal Warrant holder, part of Chinese textile group Ruyi, recorded a pre-tax profit of £149,764 in 2018, compared with a £1.6 million loss a year earlier.
Accounts just filed for Gieves also reveal turnover decreased 5.7% to £11.6 million amid a “challenging retail environment”.
Managing director Nick Keyte said: “Our trading strategy is driving increased full price sales and reduced markdown, whilst operational costs are being controlled across the business.”
He added that comparable sales were up 5% in the first nine months of 2019. The bespoke, made to measure and ready-to-wear divisions are all delivering growth.
On Brexit, the menswear label’s report said it is “confident that the company will be able to amend and modify its procedures to remain fully compliant with any new rules and regulations”.
