Koovs books loss after reduced marketing spend hurts sales
Source - SMW
Indian online fashion retailer Koovs posted a first-half loss after a reduction in marketing spending to save costs led to lower sales.
Pre-tax losses for the six months through June amounted to £15.3m, narrowing from losses of £19.3m on-year.
Revenue fell 29% to £6.4m, but trading margins improved as the company focused on higher-quality business.
'Last year was marked by concerns over funding and we managed our cash position prudently by reducing our marketing expenditure, which inevitably impacted sales,' chief executive Mary Turner said.
'However, I am delighted that since financial year 2018 we have successfully secured the requisite funding from a number of investors, including our strategic partners in HT Media and Future Lifestyle Fashions.'
'We now have the necessary capital to put Koovs back on track, deliver on our strategy and accelerate our sustainable growth plan.'
At 1:57pm: (LON:KOOV) Koovs Plc Ord 1p share price was +0.95p at 11.95p