On the surface, the latest set of accounts from Fred Perry (Holdings) look disappointing with turnover falling. But an increase in profits underlines the firm’s focus on profitable sales during 2024.

The business owns and manages the Fred Perry, Lavenham, and George Cox brands and operates retail stores in the UK and selected international markets.

Before we go into the company's view of its latest trading year, let's look at the headline numbers. Turnover dropped to £149.218 million from £154.128 million, although the cost of sales also fell. And gross profit was £77.3 million, down from £78.4 million a year earlier.

But operating profit rose to £18.251 million from £14.108 million and pre-tax profit was up to £21.533 million from £18.425 million. Although the company paid more tax i

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