Retailer Cath Kidston on the up with £800,000 profit
Cath Kidston, which has one store in Northern Ireland, has swung into profit after sales at its overseas business helped mitigate the impact of the collapse in sterling following the Brexit vote.
The clothing and homewares retailer said it turned an operating profit of £800,000 in the 12 months to March 26, compared with a loss of £2.1m the year before.
Sales rose almost 8% to £129.2m, helped by a 20% increase in international sales to £42.3m.
The company benefited from its decision to buy back its Japanese subsidiary, with growth in the Asian region providing a currency hedge after the collapse in sterling.
In the UK sales grew 3.3% to £87.7m, while overall group earnings shot up 27% to £9.3m.
Chief executive Kenny Wilson hailed a "strong year", adding: "Our growing international business helps mitigate the effects of weaker sterling and we have already made good progress in growing our international footprint even further."
The group said it will be entering Latin America later this year, with stores due to open in Argentina and Mexico, while it is continuing to expand in Japan with another 10 new stores in the pipeline.
The local Cath Kidston shop is in Belfast's Arthur Street.