Mountain Warehouse has revealed a 75% surge in full-year pre-tax profit to £7.6m, as it plans to open 20 stores in the next 12 months.
In the year to February 28, the outdoor clothing and equipment retailer reported sales increased 17% to £75m, while like-for-like sales grew 10.1%.
The performance was spurred by the addition of 15 new stores to Mountain Warehouse’s estate, taking the total to 154. Mountain Warehouse online sales also more than doubled in the period but the retailer did not disclose this figure.
Mountain Warehouse’s founder and chief executive Mark Neale said the company was also boosted by the bad weather and the extended winter.
He said: “The weather definitely helped. Last April was the wettest for 100 years and the summer was a washout, but every cloud has a silver lining – at least for our business.”
Mountain Warehouse said profits increased despite it slashing prices at the beginning of 2012, following the collapse of rivals Blacks and Millets.
Neale added: “Despite all the talk about the death of the high street, in our experience there is still plenty of life in many towns up and down the country. Consumers are looking for the right products that offer great value – both on the high street or online. We have well located stores, fantastic customer service and a great website too.”
Since the end of the financial year like-for-like sales have continued to trade up well over 10%, as Glastonbury Festival drove tent sales up more than double that of last year. Meanwhile, the online business has continued to grow “rapidly”. Mountain Warehouse opened another nine new stores.