Sales and profits at Richer Sounds rose last year as the electricals specialist continues to improve performance amid a difficult market.
Richer Sounds’ turnover increased 4.3% to £144.3m in the 53 weeks to May 4, while operating profit rose 21% to £6.9m.
The result represents a further step forward after Richer Sounds enjoyed a 0.6% uptick in sales in 2012 after it had experienced declining sales the prior year.
Richer Sounds’ directors said in documents filed at Companies House: “Our strategy continues to be to consolidate our position with the aim of making a profit by working hard at giving our customers value for money and a service second to none and looking after our colleagues.”
In the year, the hi-fi and home entertainment specialist opened a new store in Solihull in January. It now trades from 52 wholly owned stores and one franchise shop in Northern Ireland.
Richer Sounds chairman David Robinson told Retail Week: “Obviously, we’re delighted to have posted good end-of-year figures and we think it proves that there’s still plenty of viability in retailing on the high street. In these tough economic times, it’s vital that consumers are offered unparalleled value and choice, coupled with enthusiastic, expert sales staff.
“We’ve worked hard to control costs, both centrally and in each of our retail locations. Every employee has been absolutely instrumental in working hard to deliver the Richer philosophy of giving the type of friendly, fun shopping experience that customers deserve, while keeping an eye on overheads.”
The retailer now has more than 650,000 members in its VIP Club loyalty scheme.