Remarkable turnaround at Aurora
26 July 2010 11:06
Aurora Fashions, owner of Oasis, Coast, Karen Millen and Warehouse, has reported impressive operating profits just one year after it acquired the fashion brands amid the chaos and collapse of Mosaic and its Icelandic backer Baugur.
In the 11 months to January 30th, Aurora turned in operating profits of £22.6 million and said that its turnaround plan was ahead of schedule. Its net debt was also reduced by more than was expected during the period and it has sought to increase its customer base via online and international operations.
Chief executive Mike Shearwood said: "I am delighted that the business has emerged in such great shape, we have built strong foundations for future growth and exceeded the targets set when Aurora was founded."
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