Variety store giant Wilkinson has broken through the£1 billion turnover barrier for the first time.
The privately-owned retailer, which has 220 shops, also notched up a 22.1 per cent increase in pre-tax profits to£44.6 million in the year to January 31.
In accounts just filed, chairman Tony Wilkinson highlighted the£1 billion sales achievement - the figure includes VAT - and described the results as 'both remarkable and most satisfactory'. He said the increase in profit was 'achieved through careful management and control'. Selling space increased by 12.5 per cent to 3.8 million sq ft (349,735 sq m).
Wilkinson now often pitches itself directly against Woolworths, which generated pre-tax profit of£52.8 million before exceptionals in the year to February 1, on turnover of£2.7 billion.
However, analysts were relaxed about the threat posed to Woolies. Investec analyst Mark Charnock said: 'It's just one more competitor. Many of the areas that Woolworths and Wilkinson are involved in are ones where other retailers are jacking up their offers too - whether it's supermarkets with music or some of the value retailers with children's clothes.'
But Numis analyst Iain McDonald said: 'Wilkinson is a good retailer. It's a competitive area of the market, without much room for growth. They have to be coming from somewhere to have produced such good results.'
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