Fat Face Limited filed its ‘annual’ accounts as usual in late October but this time, they only cover 35 weeks — the period to late January rather than to May. That’s because it’s aligning with Next, which acquired a 97% stake in the company a year ago.

The lifestyle clothing company that operates the Fatface brand said that the business had a stable period despite external economic headwinds. While revenue declined from £195.5 million in the 35-week comparable period to £180.4 million, it was able to achieve cost savings that resulted in trading profit before tax increasing to £17.2 million from £16.2 million. This was driven by an improved margin as the business focused on profit over sales growth.

The sales miss this time is perhaps understandable given that the prior year (the 12 months to May 2023) had been described by it as “exceptional” one.

It had seen record sales and its store estate “exceeded expectations”, while digital sales – including those through partners – continued to grow. But that year included the post-pandemic bounce-back while the latest period was more about normalised trading, something several UK retail peers have referenced in their own results reports.

Given the shorter length of the latest financial year, the acquisition by Next and the massive change the company is going through, it’s hard to get a clear picture from this set of accounts.

For instance, it’s undergoing “an exciting and redefining re-platform” which will conclude imminently. It’s moving to Next’s Total Platform infrastructure.

Continuing its international growth, it will use the re-platform experience to outline the roadmap for further international expansion across new countries.

It remains a multi-channel retailer with stores continuing to play an important role in its business. But it’s focused on operating profitable stores and will exit properties where it makes commercial sense to do so. As a result, at the end of the 35-week period it had 179 UK full-price stores compared to 180 at the end of the previous financial year.

It looks like we may have to wait until next year to get a much clearer idea of how the company is faring.