Barbour operating profits jumped to £39.5m for the year to 30 April 2024 – from £34.3m the preceding year – which the Tyneside-based business attributed to successfully implemented cost reductions and gains in foreign exchange rates.
However, turnover dipped 6% year on year from last year’s “record” £343m to £322m amid a “challenging” wholesale environment and rising costs.
In the 12-month period, Barbour’s employee base increased from 1,132 to 1,175. The brand expanded its physical retail presence with new stores in Leeds’ Victoria Quarter, and London’s Covent Garden and Soho, as part of the “New Heritage” retail concept, which combines industrial design elements with Barbour’s craftsmanship tradition.
Barbour also made advancements in expanding in the Asia-Pacific region, where it opened a dedicated fulfilment centre in Singapore to “ensure demand is met”.
Following publication of the accounts, Barbour group managing director Steve Buck, said: “Twelve months ago, we anticipated that global markets would be very challenging and made the decision to focus on high-quality, profitable sales.
“This strategy has worked very well in generating strong demand for the brand with increased efficiency and profits. This approach is very much in line with the long-term view taken by the business.
He added: “While demand for our brands has remained strong, there has been a general retraction in the UK wholesale market with several major retail and ecommerce closures. We have worked closely with all of our wholesale partners to focus on building quality, profitable sales during this time. This strategy has also set the brand up very well for future growth, which we are already beginning to see.”
