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M&Co sales rise in ‘complex’ market

Value fashion retailer M&Co has announced a 5.4% revenue jump for the year ending February 2018, as investment in new, local stores paid off.

M and co (1)

M and co (1)

Annual sales hit £211.4m, as like for like sales rose by 3.9%. Overall growth was fuelled by an 18.3% rise in online sales for the year.

Operating profit remained at £6m, while EBITDA was “broadly flat”, at £10.8m for the year.

The brand opened 18 stores during the year, targeting local high streets in an effort to combat wider market difficulties.

Commenting on the results, chief executive Andy McGeoch, said: “As we navigate the complexities of the current market and in light of recent announcements from UK retailers, it is hugely encouraging to see this growth.

“With store closures from some of the UK’s largest brands, local high streets become a more attractive opportunity as we continue to strategically invest in our store portfolio. We have opened 18 new stores during the year in target locations and have an ongoing modernisation roll-out to the existing chain.”

He also highlighted a focus on IT investment, and driving efficiencies in customer experience, in order to combat the challenging high street climate. Over the course of the year these investments, plus store fit-outs, a new EPOS system, and freehold purchases of its stores accounted to £12.3m capital expenditure.

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