First half losses at Koovs fell by 15% to £7.8m and trading margin increased significantly to 18% (H1 FY17: 2%) as the group focused on high quality sales. Gross sales for the six months to the end of September were unchanged at £7.9m but it said this was in line with India's ecommerce market which was flat, impacted by demonetisation, the introduction of the Goods and Services Tax, and heavy discounting and marketing expenditure by sector peers. Koovs said the quality of sales improved with markdown sales reduced to 20% of sales (H1 FY17: 29%) in a market driven by high discounting. Koovs said it remained well placed to maximise the future growth of the Indian ecommerce market and expects the market to return to growth in the next financial year. Chief executive Mary Turner said: 'I am pleased with the progress we have made in our business fundamentals. 'Year on year Trading Margin has been improved from 2% to 18% and Brand Awareness is up from 15% to 21%. In addition, Koovs is now ranked No1 for customer experience by Forrester Research and has the highest Net Promotor Score in the fashion vertical (RedSeer) ahead of Amazon and Flipkart. 'It has been a challenging year generally for the market, however with these strong business fundamentals, Koovs is well positioned to capitalise further on the growth opportunity.'
-0.25p (-1.64%)delayed 16:57PM