The UK arm of Dolce & Gabbana made a pre-tax loss for the fifth year in a row as its sales were also cut.
The division, which is headquartered in Worthing, has reported a pre-tax loss of £2.1m for the 12 months to 31 March, 2024, according to newly-filed accounts with Companies House.
The figure comes after Dolce & Gabbana UK made a pre-tax loss of £2.8m for the prior financial period.
The continued loss comes as the brand’s turnover fell from £35.3m to £32.3m in the year.
The last time Dolce & Gabbana UK made a pre-tax loss was the £951,879 it reported in the year ending March 2019. During that financial year its turnover stood at £55.9m.
The latest financial figures also reveal that the division cut its headcount by almost 20 per cent to 88 in the year despite opening a new store.
In the results, Dolce & Gabbana said it had “shown good recovery” since April 2022 and that there are “ongoing efforts to maintain this trend”.
The division’s turnover in the UK fell from £35.1m to £31.9m in the year but rose from £163,454 to £496,268 in the rest of the world.
The UK results come after Reuters reported the Italian fashion house is expected to seek a minority investor instead of considering a stock market listing.
Group CEO Alfonso Dolce told Italian newspaper Corriere della Sera’s weekly supplement earlier in July that both options were under consideration.
In the year ending March 2024, the group’s revenue increased by 17 per cent to €1.9bn.
Dolce & Gabbana, which is family owned, has not released its profit figures.