Luxury underwear retailer Rigby & Peller saw its losses swell three-fold last year, but remains “confident” about its future prospects after growing its sales to nearly £10m.
In accounts just filed, and detailed this week in the Evening Standard, the company reported losses of £410,837 last year compared to £115,037 for the 12 months previously, according to the paper. The retailer attributed the deficit to its investment in new shops and training for staff in lingerie styling.
Rigby & Peller opened new stores in London and Yorkshire during its last financial year, which helped nudge sales up 5% to £9.7m versus £9.2m a year previously.
This year has seen it complete a major refurbishment of its Knightsbridge flagship store and grow its presence internationally, the highlight of which was a shop on Fifth Avenue in New York.
“The company remains committed and confident for the future and has expanded its operations and continues to do so,” it stated in the accounts.
The newspaper cited The Marie Jo Avero collection of bras and hotpants among the retailer’s bestsellers for 2014.
In the UK, Rigby & Peller operates nine stores. All are based in the south with the exception of its branch in Harrogate.