Ann Summers Pre-Tax Loss Widens to GBP 13.1 Million as Turnover Falls

Ann Summers reported a pre-tax loss of GBP 13.1 million for the year ended June 29, 2024, up from a loss of GBP 3.8 million the year before, according to accounts filed with Companies House.

Turnover fell to GBP 93 million from GBP 104.5 million. UK turnover dropped from GBP 100.6 million to GBP 89.7 million, European turnover from GBP 3 million to GBP 2.8 million, and turnover in the rest of the world from about GBP 920,000 to about GBP 503,000. The company cut its UK store count from 85 to 80 while its headcount rose from 1,114 to 1,180.

The board said the business was notably affected by inflation, the cost-of-living crisis and political uncertainty that hit consumer confidence. It said online sales held stable despite difficulty advertising because of Google safe search restrictions and Meta blocking issues, and named its partnership with ASOS as a standout success.

The company invested GBP 6.8 million during the year, including in projects that launched after the period ended, among them the new Knickerbox website, which it said helps it get around search restrictions. Ann Summers last reported a pre-tax profit, of GBP 6.6 million, in the year to June 2021 and has since accumulated pre-tax losses of about GBP 40 million.