Liberty of London is Doing Just Fine
Everyone's mad for Liberty of London these days, from Target shoppers to Nike collectors.
While 2008 was a rough year--the company lost about $5 million, it actually earned around $150,000 in 2009.
That's according to the Brit department store's annual report, which was released today.
That might sound like a measley sum, but remember, that's just pure profit. How did Liberty get back in the black?
For one, sales increased dramatically over the last financial year, up 20% to $80 million. Liberty fabrics in particular performed well, with sales increasing by 23% to $29 million.
The company was also helped along by the sell of its London flagship store, which it's now renting back from the owner. Liberty sold it for $56 million and have signed a lease to rent it for $2.7 million per year over the next 30 years.
