The White Company sales up as it moves forward with international expansion
The White Company saw sales grow by 7.6% to £198.4 million in the year to 25 March 2017, boosted by strong demand for its luxury household accessories, loungewear and gifts.
During the period, the retailer opened three new stores in Chelmsford, Liverpool and London, bringing its total number of locations to 75, including 7 concessions.
International sales grew faster than in the UK, up 12.5% year-on-year compared to a 7.3% growth in UK revenue. The retailer’s international sales will continue to gain momentum with the opening of the brand’s first two US stores and an outlet in Ireland this year.
In January, The White Company also branched into skincare in partnership with global cosmetic experts Deciem, expanding its luxury offering with a range of cosmetics such as serums, hand creams, moisturisers and balms.
Despite continued investment IT systems and stores, the group achieved a £0.3 million increase in operating profit to £17.6 million, compared with profit of £17.3 million in the prior year. The investments led to a decline in year-end cash balance from £14.6 million in 2016 to £5.6 million in 2017.
At the end of March, The White Company appointed Mary Homer, former Topshop managing director, as its new chief executive. The company plans to move its HQ to new premises in London’s White City in February.
Copyright © 2022 FashionNetwork.com All rights reserved.