Lingerie retailer Agent Provocateur narrows losses and heads towards profitability

Upmarket lingerie brand Agent Provocateur on Wednesday said it is on track to hit profitability in the near future, as it posted its first set of full-year results since being rescued in a deal backed by retail tycoon Mike Ashley.

Accounts just filed for retailer Agent Provocateur Limited and its continuing operations show sales in the UK business edged up 19.7% to £17.6 million in 2018. It recorded pretax losses of £7 million, improved from a £23.7 million loss.

Total group global sales reached £40.5 million last year, according to the company.

Launched by designer Vivienne Westwood’s son Joe Corré and his wife in 1994, the chain went on to become owned by private equity and entered administration in 2017. Four Holdings, which Ashley-backed Sports Direct has a stake in, bought the company shortly after.

Agent Provocateur said the latest figures are reflective of a turnaround business and in line with expectations.

It expects to return to the black “in the near future”.