UK: Adili upbeat despite GBP1.6m maiden FY loss
Ethical fashion online retailer Adili Plc remains positive about the company's future despite posting a maiden full-year loss of GBP1.6m (US$2.8m).
Sales for Adili's first full year of trading to 30 April reached GBP354,000, boosted by a 250%-plus revenue hike in the second half alone.
Sales since year-end had demonstrated "encouraging" growth, the company added.
However, the company's operating loss of GBP1.59m was higher than expected, thanks to reduced margins and accelerated investment in the business.
"While the business is still young, having been trading for only 24 months, the group has achieved strong sales growth over the year that has continued since the year end, and has made significant investment in key areas which will drive future growth," said chief executive Adam Smith.
"While traditional retailers on the high street are facing challenging market conditions, both internet retailing and ethical fashion continue to expand significantly. This provides a substantial market opportunity for Adili."
Adili has expanded its range of ethical brands, now stocking 53 brands across 756 lines, and hopes to expand this to 80 brands across 1,500 lines by Christmas.
Another priority is the establishment of the company's own-label portfolio.
A small number of men's wear lines are already available, to be followed shortly by a small selection of women's wear.
This would provide an "exciting platform for growth", said Adili.
Meanwhile, the company has appointed Nick Samuel as chairman of the board.
Until recently the chief executive of women's fashion retailer Hobbs, Samuel was also previously with women's wear chain Karen Millen.
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