M&Co plans 75 new UK stores
M&Co is on target for major expansion as its parent firm’s profits rise and its town centre strategy pays off.
The value fashion brand’s owner, Mackays Stores Group, saw pre-tax profits rising over 100% to £3.3 million in the year to the end of February. Operating profit rose 37% to £6 million, and profit on an Ebitda basis rose 16% to £11.1 million.
The company has 300 UK stores and 25 abroad and said turnover in the 12 months rose 1.5% to £165.6 million. Comparable sales rose 1.8%.
While the total sales and comp sales rise, and the pre-tax profits figure were not exactly huge, CEO Andy McGeoch admitted that UK high street conditions remain challenging but that the firm’s focus on opening and operating stores in town centres is driving comparable sales upwards.
He said the company has been investing in technology (with online sales rising strongly) and marketing, as well as revamping older stores and during the current first half, this is boosting comparable sales more than last year.
M&Co wants to open up to 75 new UK stores within the next five years, launching around 15 each year during that period for a steady progression towards its ultimate goal. There are several towns where the brand is under-represented that he feels would be suitable for the format.
Copyright © 2022 FashionNetwork.com All rights reserved.