UK-based retailer Online Home Shop has reported record sales as its profits also tripled.
In the year to January 31, sales soared 68% year on year, hitting £100m. Its operating profit also tripled from £5m to £15.3m over the same period.
It’s the second consecutive year where it has broken records, driven by the growth of its website, increasing customer base, repeat purchases, and continued growth across key marketplaces.
It expanded its core business in home textiles while expanding across new categories such as garden, furniture, soft furnishings, and clothing.
It also opened a new 327,000 sq ft fulfilment centre in Trafford Park, Manchester, to enhance stock management, meet demand, and improve distribution efficiency when serving customers.
Headcount is now set to double to 400 staff in the current financial year. The first half of this year also revealed sales are up 50% year on year, with more growth expected.
Online Home Shop chief executive Moshe Cohen said: “We are delighted to announce another strong set of results, reflecting the exceptional talent, commitment and hard work of everyone. Our continued investment in our people and infrastructure has strengthened the business and positioned us for sustainable long-term growth.
“By attracting and developing the very best people, we continue to deliver high-quality, trend-led homeware products at unbeatable prices, while providing an outstanding shopping experience for our customers. As we look ahead, we remain focused on building on this momentum and delivering the next phase of our growth.”
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