TOFS sales fall but boss heralds CVA for improved profitability

By Grace Bowden2019-11-27T16:12:00

The Original Factory Shop (TOFS) has recorded declines in full-year sales and profits but boss Emma Fox credits the retailer’s CVA for improving profitability.

The value retailer recorded EBITDA of £4.1m in the 52 weeks to March 31, 2019, down 34% year on year.

The business, which recorded a 13% decline in revenue year on year to £161m, won approval for its CVA during the financial period, resulting in the closure of 54 stores.

TOFS, which today operates 168 stores, said the business is “in a stronger and healthier position” as a result of its CVA and has doubled EBITDA in the first half of its current financial year.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Two free article views per calendar month on Retail-Week.com
Detailed analysis of current trends and events
Exclusive newsletters
In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.