British lingerie retailer, Ann Summers, is planning to boost its number of stores in the UK and Ireland from 88 to 93 in 2024 after its fiscal year report reveals growing in-store footfall.
The business has released its first financial report since the passing of former CEO Jacqueline Gold earlier this year.
The company noted that turnover climbed from £ 93.2 million to £ 100.1 million and that its outlets performed strongly and far exceeded its expectations. This is also a result of particular business initiatives, like improved digital client experiences and a wider variety of skin tones.
Retail sales increased 5.4 per cent over pre-pandemic levels and 7.6 per cent above 2020 levels. Gross profit increased to £ 60 million from £ 50.9 million in the previous year.
The company’s smallest trading channel, wholesale, had 21 per cent increase in 2021 compared to the previous year. Strong performances from both old and new wholesale partners, many of whom are online merchants, were the main contributors to this. Operating expenses were up £ 32.0 million from the previous year to £ 84.2 million.
Despite its triumphs, Ann Summers’ operational profit for the year fell from £ 3.5 million the year before to £ 1.2 million. The corporation attributed this decline to the Covid-19 epidemic and the wars in Russia and Ukraine.
Maria Hollins, CEO of Ann Summers, commented “Whilst global supply chain issues, rising costs, the Russia/Ukraine conflict, inflation at an all-time high, and more recently the US$ exchange rate have all undoubtedly had an impact on profitability and consumer sentiment, this unprecedented period has also presented us with new strategic opportunities for growth.”
