Dune losses widen as results lag investment in growth

Dune — or more specifically Dune Topco Ltd — has filed its results for the year to February 2025 with turnover in the latest 53-week period falling to £137.6 million from £141.9 million in the previous 52-week year.

Gross profit dipped to £66.1 million from £68.2 million and the operating loss widened to £5.88 million from £2.7 million. The loss before tax was £7.4 million, almost double that of the £3.8 million loss in the previous year and the net loss for the period was £6.2 million, much worse than the almost-£1.7 million loss the year before.

The company talked of a challenging trading environment but also said that AW25 sees it trading strongly as demand for boots and bags has helped to drive like-for-like sales up in double digits.

It also faced the fact that it’s investing heavily in expansion and the fruits of this investment will be seen in the future rather than in the year in question. The company highlighted how its latest financial results “lag behind the strategic changes under way in the business”.

The company said that the year saw it with a clear strategy focused on “transitioning the business from a UK high street footwear retailer to a global footwear and accessories brand significantly distributed through partners”.

It delivered retail sales growth in the year, both overall and on a like-for-like basis, reflecting good progress in omnichannel in the UK market and in category development, in particular in accessories.

Beyond the UK, Dune International delivered growth in earnings in the year of consolidation of low-margin accounts with a heightened focus on development of key strategic markets supported by a reduction in admin costs.

During the period it opened one new outlet store and launched on two new online marketplace with a UK and European customer base. New stores and concessions were also opened in conjunction with its franchise partners in the Middle East, Australia, Libya, Croatia and the Philippines. 

It has also grown existing and new wholesale accounts in the UK and overseas, including in both concessions and online in the North American market. At the same time it’s been exiting UK stores that “no longer have the prospect of being profitable”.