Off-price retailer Tofs sees sales grow 6% in FY2015/16
Tofs, the UK’s national off-price department store, increased sales by 5.9% in the year to 27 March, with turnover up also 5.9% to £184.5m.
On a like-for-like basis, sales grew by 2.9%, driven by the combination of off-price and own-brand ranges across both General Merchandise and Fashion/Footwear. Performing particularly well during the period were the departments of men’s branded footwear, up 17.7%; living, up 9%; and beauty, up 7.3%.
Commenting on the results, Tony Page, CEO of tofs said: “We’re pleased to be reporting on the continued growth of the business, alongside significant investment into tofs, within what continues to be a challenging market. We believe that our success lays testament to the powerful customer proposition which we’re delivering; bringing well-loved brands at discount prices to Britain’s communities.”
The Original Factory Shop offers products from brands such as Jack & Jones, Calvin Klein, Bench, Dunlop, Hotter, Levis, Fila, Reebok, Wranger and Regatta. Most fashion and footwear products are priced between £0 and £19.99.
In the 12-month period, the company focused on opening and refreshing stores as part of an ongoing store portfolio programme. It opened 13 new stores and relaunched 83 locations across the UK.
Tofs said pre-exceptional EBITDA grew 6.3% to £15.1m in the period.
Additionally, the company announced the departure of Chairman David Williams. He will be succeeded by Alistair McGeorge, who has significant experience in the British high street retail industry gained in senior and leadership roles in companies such as New Look and Matalan, where he served as Chairman and Chief Executive.
Alistair McGeorge said: “I have been following tofs’ progress with interest over the past few years, and am delighted to be joining the Company at this exciting time. tofs has a unique proposition in the UK retail market and I look forward to putting my experience in the sector to use as we work together to continue the Company’s growth.”
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