Multichannel retailer Feather & Black has reported a ‘narrowing’ of losses as the business continues its progress.

According to its latest accounts for the 52 weeks to 27 September 2015, a recorded loss of £3.4m was significantly reduced from its loss of £4.2m against its previous year.

The 2015 accounts also include a number of one off provisions in relation to historical stock valuations (£0.8m), property dilapidations / impairments (£0.3m), and onerous leases (£1m).

Feather and Black management, in line with best accounting practice, has taken a prudent view on the cost of potential dilapidations and the impact of onerous lease terms continuing for the remaining terms on a number of retail stores. Operating cash out flow reduced in the year to £319k.

Despite these accounting losses, Charles Wade, chairman said: “We are pleased with the continuing progress of the business. The improvement in the underlying performance underscores that the turnaround plan put in place by management is gaining increasing traction. Refocusing the business by reducing the physical presence and increasing the online offering is producing like-for-like store sales growth of 2.3% year-on-year.

“This is a very encouraging result in what continues to be a very tough environment for retail. With the Goodwill provisions taken last year and the provisions outlined above this year, we believe that we have now cleared the decks and look forward to the Company returning to profit in the coming years”.