Home shopping giant Boden is planning to double its international sales to £100 million over three years, as it posted strong sales growth for the last year.
Boden chief executive Julian Granville said current trade was up 10% year on year, a smaller rise than the previous year. “I am disappointed, but the environment is tougher,” he said. In the year to December 31 2007, pre-tax profit soared 20.7% to £27.4m on sales up 19.45% to £153.6m.
Granville said: “2008 has seen a difficult trading environment, so we are happy that our business has grown.” He said he remained cautious about next year’s outlook.
However, Granville said international markets offered a huge growth opportunity for the brand. Its US operation delivered strong sales in the year to December, up 35%, accounting for 31% of total sales at £47.8 million. The retailer also launched in Germany this year.
Granville said: “We are pleased with the successful test of the German market and see a material business developing there over the next few years.” He added that plans to launch into new markets in Northern Europe and North America next year were going well, but declined to reveal locations.
Boden has two UK stores and is scouting for a location for another store. Granville said: “We want to learn about retailing before we open more stores. Boden has a strong brand and a robust business model which together with strong operational disciplines give confidence in the long-term business prospects.”