British luxury skiwear and lifestyle brand Perfect Moment, which completed an initial public offering in early February, lowered its annual operating loss by 11 percent to $7.7 million from a loss of $8.6 million for the 12 months ended March 31. The annual net loss improved by 15 percent year-over-year to $8.7 million versus a loss of $10.3 million.
The company’s annual sales rose by 4.3 percent to $24.4 million from $23.4 million, with e-commerce sales rising by 21 percent to nearly $10.4 million and wholesale revenues falling by 5.6 percent to $14.1 million. FY gross margin improved by 40 basis points to 37.8 percent due to strategic changes in its e-commerce business, driven by less discounting and supply chain improvements.
Over the FY, Perfect Moment made key appointments to its board and senior management team. Among them are Andre Keijsers; Berndt Hauptkorn, President of Chanel Europe; Tracy Barwin, EVP of Hunter Boot and former head of digital for Nike; and Tim Nixdorff, CMO of Rag & Bone to the board. Meanwhile, financial industry veteran Jeff Clayborne was hired as the company’s CFO.
