UK footwear retailer Dune has reported an operating loss of £3.9 million ($5 million) for the year ending 27 January 2024, a shift from the £7.6 million ($9.8 million) profit it achieved the previous year.

The retailer cited a challenging retail environment, with rising living costs, unseasonal weather, and geopolitical instability impacting demand for fashion footwear and accessories. Turnover held steady at £141.9 million ($183 million), while EBITDA more than halved, dropping from £10.9 million ($14 million) to £4.9 million ($6.3 million).

Despite these pressures, Dune continued to grow, expanding its global presence with new stores and concessions in the Middle East, Australia, and Nigeria, alongside North American growth via wholesale and dropship models.

At year-end, Dune operated 150 stores and 162 concessions worldwide, up from 144 stores and 157 concessions in 2023. Looking ahead, the company plans to improve profitability through marketplace partnerships, further investment in its ecommerce platform, and development of its UK store estate.