Joseph swings to profit for first time since 2015

British luxury fashion label Joseph has reported its first operating profit since 2015.

In the year to November 30, 2022, the company made an operating profit of 0.4 million pounds, compared to a loss of 8.9 million pounds a year earlier, according to accounts filed with the Companies House.

Its turnover in the period increased 30 percent to 47.1 million pounds.

Commenting on the annual trading results, chief executive officer Barbara Campos said: “In 2022 we saw a significant improvement in our group and company’s financial performance as a direct result of the turnaround project we embarked on in 2019.

“Despite the impact of Covid on performance in 2020 and 2021, we are delighted to have turned an operating income profit for the first time since 2015.”

The company also reported an improved gross profit margin to 44 percent, a 10 percentage points increase from the prior year.

Results for the year before taxation amounted to a loss of 0.2 million pounds.