Woollen Mill hit by rising prices and falling pound
The Langholm-based business – which also owns the Ponden Home textiles chain, created through the merger Ponden Mill and Rosebys – dropped by 25 per cent in the year to 26 February to £12.5 million.
Turnover edged up by 1.4 per cent to £195.8m after the number of EWM branches increased to 354 from 321, out-weighing the closure of six Ponden Home outlets.
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Hide AdAs the downturn in consumer confidence continued to bite, the group’s directors warned like-for-like sales at EWM had turned “slightly negative”. The group admitted 2010-11 was “not the best year on record”, but said it had managed to trim its costs by 1 per cent.
Chief executive Philip Day staged a £67.5m management buy-out of EWM in 2002 and the group is now owned by him and his family. The highest-paid director’s package jumped to £4.7m from £2.6m. No dividend was recommended. In June, the group bought part of collapsed fashion chain Jane Norman.
PETER RANSCOMBE