UK: Former M&S Supplier Announces Substantial Losses
Daks Simpson has made an operating loss of £55,000 compared with a profit of £319,000 in the previous equivalent six-month period because of the loss of its contract with Marks & Spencer, the company revealed today. Daks Simpson had been a major supplier to M&S for 28 years, producing men's suits, jackets and trousers. The company also blamed the strength of sterling in the European wholesale markets, and the closure of unprofitable retail concessions.The company's profit on ordinary activities, after taxation, was £197,000 (1999 - £330,000), and turnover declined to £27.2m from £32.8m.The retail business opened two new UK standalone shops in Manchester and Cheltenham this March. These outlets are further supported by the new DAKS Group flagship store in London's Old Bond Street, which opened in September.The group said that the restructure of its manufacturing division continues. One factory has already been closed following the loss of the M&S contract. The costs of this restructure were provided for in the year ended 31 January 2000.The Group's net asset position, including cash liquidity, remains strong and shows an increase to £33.7m compared with £22.8m at 31 July 1999. This is supported by the sale of the Group's interest in the former Piccadilly store in the year ended 31 January 2000.Dividends paid on the preference shares during the half year ended 31 July 2000 amounted to £6,250 (1999 - £6,250). No interim ordinary dividend is proposed.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Trump and the apparel industry – Infographic
- How US border adjustment tax could affect apparel
- British Brexit plans prioritise tariff-free trade
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- Cambodia clothing exports at risk from Brexit
- Apparel brands urge Bangladesh PM to address wages
- MAS Holdings planning second industrial park
- American Apparel to shutter all stores?
- Better compliance "crucial" for Bangladesh growth
- Outdoor performance apparel 2016: A broader perspective
- Anti-odour clothing: fresh fashion for an active lifestyle
- Global apparel markets: product developments and innovations, October 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022