General merchandise

TOFS sales fall but boss heralds CVA for improved profitability

By 2019-11-27T16:12:00

TOFS

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.

Retail Week

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.

Register today for a taste of our high-quality intelligence and enjoy:

  • 3 free articles a 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.