Fashion retailer White Stuff is back on form after putting problems behind it to post a big rise in profits and sales.
The retailer posted a 52.6% surge in EBITDA to £12.7m in the year to April 27, when retail revenues advanced 6.5% to £79.8m and total sales were ahead 11.4% to £99.5m.
Chief executive Jeremy Seigal, who was appointed in February this year, said momentum had been maintained since the financial year-end.
Seigal said: “We’ve started the new financial year above management expectations, underpinned by excellent weather, in what continues to be an uncertain market.”
In the previous financial year, White Stuff was hit by the effect of Government austerity measures on its customers as well as disruption from an IT overhaul. Former chief executive Sally Bailey set the retailer back on track before handing over to Seigal.
Seigal said that White Stuff discounted less last year and managed stock better. He said: “At the sales level we’re back in line with our peak of two years ago and our continued emphasis on full-price sales should see further improvement to overall profitability.”
The emphasis on full-price trading and stock control meant that gross margin rose by 4.4 percentage points.
Web sales rose by 40.9% to £16.3m, boosted by sales to overseas customers, services such as click-and-collect and systems improvements. Wholesale revenues increased by 21.6% to £3.4m.