Ann Summers has filed its accounts to the end of June 2025 and it’s certainly encouraging to see that the lingerie specialist — which has struggled in recent periods — looks to be heading towards a recovery despite still posting losses.
Knickerbox.com
The company said that its 2024/25 financial year was one of “resilience and strategic adaptation”.
Turnover was “stable”, although it actually increased slightly but not enough to make up for the impact of inflation. It rose to £93.4 million from £93 million, although the cost of sales also edged up slightly.
The business remained loss-making, as mentioned, but the operating loss before tax and exceptional expenses narrowed to £5 million from £9.8 million a year earlier. The loss on ordinary activities before tax, as well as the net loss, showed an even greater decline at £3 million compared to £13 million12 months before.
So what happened in the 12-month period? Against the backdrop of persistent economic uncertainty, rising inflation and the ongoing cost of living crisis, Ann Summers said it managed to overcome major retail headwinds.
Trading conditions stayed tough with discretionary spend under pressure but it optimised its store estate while maintaining a strong presence physically with 75 locations. It also continued its expansion through third-party partnerships including its collaboration with LIWA, which has opened new opportunities in the Middle East
Its web channel remained a key part of its omnichannel strategy for both the UK and abroad. But during the year it made the strategic decision to close Connect, its direct selling channel. That ceased trading after the financial year ended, in October 2025.
A milestone was the launch of knickerbox.com in July 2024, so that came right at the start of the financial year in question. That brand is well known so should be a source of future growth.
Alongside the launch it also introduced KBX, its new in-house brand that claims to offer “stylish, effortlessly sexy, everyday lingerie”. The company said this strategic move allows it to connect with the border audience and strengthen its digital presence.
The company hasn’t posted a profit since the year to June 2021 and its losses have added up to £40 million since then. But this latest set of numbers, along with the new developments and strategic closures, suggests that the picture could change soon.
