Profits tumble at Liberty department store
The Liberty department store in London saw its operating profit fall to just £22,000 for the year ending 28 January 2023, down from £2.4m in 2021/22.
The Regent Street store suffered exceptional costs, having been hit by an impairment reversal of around £11.5m the previous year.
However, sales increased by 42% as the store was closed for three months during 2021/2022 due to COVID restrictions.
Liberty’s earnings (ebitda) also saw a reversal in fortune, reaching £3.96m, up from a loss of £3.53m in 2022.
Its Ecommerce business also grew over the year despite falling online shopping rates across the market.
The department store said trading was “more representative of pre-pandemic levels”, referring to higher footfall levels. It also said its festive performance showed resilience “resilience” despite high inflation and rising living costs.
Liberty said that all its categories had “performed well”, adding that its own-brand products performed better than third party brands.