Full year profits are expected to soar 20% at discount etailer MandM Direct following a 9% Christmas sales surge in December.
Sales came “late and strong”, according to MandM Direct chief executive Jonathon Brown, with revenue jumping 55% in the week to December 22.
Brown said: “Shopping patterns have changed with online becoming more prevalent. People are now happy to shop all the way to Christmas.”
MandM Direct now expects export revenue to increase 55% helping the business to grow to £120m in its year to February and EBITDA to increase 20%.
Brown said that it was the “most promotional Christmas ever” and MandM Direct had to use tactical promotions to “stay relevant in a market of huge discounts”.
The etailer’s sports category was its star performer with sales up 15%. Football boot sales soared 100% according to Brown. Onesies were also a big seller with £1m sales taken on the product.
MandM Direct’s sports category, which experienced record growth of 15%, and both Men’s and Woman’s footwear
The etailer’s international business, which accounts for around 10% of sales, thrived over the festive period with sales jumping 50%. Brown said it would be launching three of four local language, local currency websites in the year ahead.
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