Luxury retailer Aspinal of London has witnessed its full-year sales revenue go down by as much as 31% to £23.1 million. The retailer attributed the drop to frequent pandemic-induced store closures.

The year to last March also saw the retailer’s EBITDA slump from £5.8 million to £3.4 million.

The net profit, however, grew to £4.3 million from a loss of £10.1 million a year ago. The retailer saw an 8% uplift in the gross margin.

Additionally, Aspinal of London also made cost savings.

What’s noteworthy is that despite a fall in sales revenue, the retailer’s online operations continued to perform strongly with significant double-digit growth in e-commerce sales.

Aspinal of London, which is now 85 per cent online, said that the transformation of the company into a profitable and cash generative online business has now been  successfully completed.

The luxury leather fashion accessories company was founded in 2001. In 2018, it  further expanded into the US market, launching Aspinal’s first wholesale partnership with Barneys New York.