Peacocks' profits soar
- Published: 13 February 2008 11:35
- Author: Laura Weir
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- Last Updated: 13 February 2008 11:45
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Peacocks banked an EBITDA increase of 22% over the year to March 31 2007 helped by a recovery at its Bon Marche chain.
Group EBITDA over the year rose 22% to £76 million against EBITDA of £62m the year before.
According to accounts filed at Companies House, the group's Bon Marche chain recorded a dramatic turnaround over the period. The chain scored pre-tax profits of £9.6m for the period against a loss of £384,000 the previous year. Like-for-like sales and gross margin improved at the Bon Marche chain over the year.
Peacocks chief executive Richard Kirk told Drapers that the strong results were on the back of a number of changes carried out across the year. "Bon Marche refocused on the older lady and Peacocks focused more on value fashion," he said.
Kirk would not comment on trading since the March 07 year end but added that EBITDA would increase again this year and that he would be "sticking to the same" formula to achieve future growth.
During the year Peacocks continued to expand overseas via franchise agreements with partners in territories including the Middle East, Turkey, Russia and Greece.
