The home shopping and online retailer reported group sales of£96.9 million for the year to December 30, 2007, an increase of 13.1 per cent, and a 14.6 per cent increase in like-for-likes. Ideal maintained that the lower pre-tax profit was mainly because of restructuring costs and the relocation of Superstore’s Manchester office to Peterborough.
“I am delighted that, in a year when we have been putting in place the key foundations for our future, we have still been able to drive strong growth in sales and underlying profitability,” said Ideal chairman David Williams.
“As a digital retailer, Ideal is perfectly placed to benefit from the continuing drive towards convergence of broadcast and online media. The BT Vision contract evidences our ability to take advantage of this trend.”
For the start of this year, Ideal reported sales up 6.4 per cent over 2007. The group will continue to drive the introduction of own brands and directly sourced products.