Sports etailer Wiggle has posted widening losses in its full-year results despite a sales increase as its Chain Reaction Cycles acquisition punctured its bottom line.
The sports pureplay reported a loss of £3.2m in the 52 weeks to January 1, in comparison with a loss of £2.7m the previous year.
The online retailer, which snapped up online rival Chain Reaction Cycles (CRC) last July, recorded a 15% rise in turnover during the period to £205m, with sales up in all its geographical divisions.
Wiggle’s UK sales edged up 2% to £103m during the year, whilst its European and rest of the world sales jumped 21% to £40m and 44% to £62m respectively.
The online retailer attributed its widening losses to developing its new warehouse and costs associated with acquiring Chain Reaction Cycles.
The sports etailer, which wheeled in former White Company boss Will Kernan as its new chief executive in February, said that the weakened pound benefited its sales, half of which are denominated in other currencies including the Euro and US dollars.
Wiggle said: “The merger with CRC, the significant equity investment, the developing FX position, the payback on completed investments and the continued support of customers and suppliers underlines WiggleCRC’s position as a major global force in tri-sports, cycles and cycle apparel.”