Kitchenware company’s profits plummet by two thirds
Cumbria-based kitchenware specialist Lakeland has seen profits tumble by two thirds as a result of a dip in sales and increases in operational costs.
Pre-tax profits for the year ended December 31, 2016 fell to £1.2m (2015: £3.3m) while turnover slumped 6.5% to £167m (2015: £179m).
The company expanded into the Australian market through a partnership with The Good Guys, initially opening 10 “store-in-store” locations during the year with further expansion planned, including standalone stores.
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