UK: Slimma Reorganisation Eats Into FY Profits
Factory closures and redundancies costs associated with moving work offshore have cost women's clothing group Slimma around £563,000 in one-off charges and sent pre-tax profits falling to £501,000 for the year to October.
Sales for the year were £28.5 million.
Two-thirds of the company's sales are now through its Slimma Fashion, Frank Usher and Peter Martin branded business. The remainder goes to high street chains under their own labels.
The company relocated its production to suppliers in the Baltic, eastern Europe, India and China, where wages are lower.
Chief executive Stephen Thwaite said yesterday that the reorganisation would leave the group stronger.
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