Koovs full year revenue jumps, but so does pre-tax loss
Indian fashion e-tailer Koovs said full year revenue grew strongly by 148% to £5.2 million, according to preliminary results for the year to 31 March 2016.
Despite the surge in revenue and website visits, the AIM-listed company posted a pre-tax loss for the period of £16.7 million, up from £9.4 million in the previous year. Koovs attributed this to rising costs of operations as it continues to position itself as the fashion leader in the Indian market.
Website traffic increased by 110% and conversion by 55% in the period.
"We are pleased to report another set of strong results as we continue to deliver on our strategy. During the period we successfully closed the recent tranche of capital raising, and brought ownership of KOOVS India to 100% at Group level,” said Mary Turner, CEO.
"The Indian market continues to grow rapidly, particularly in ecommerce and fashion where online only fashion is growing at 48% a year and Koovs is growing significantly faster than this market rate."
Sales for the year were up by 189% to £10 million.
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