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Radley’s profits soar

Adjusted EBITDA at handbag brand Radley jumped 64% year on year to £6.3m in the year to 29 April.

Turnover was up 17% on 2017 to £85.9m. Like-for-like sales were up 3.8%.

International sales grew by 96% year on year to £17.8m.

Online sales were up 15% to £12.9m.

Radley launched wholesale in the US with shopping channel QVC and department store Macy’s 13 months ago, and sales in that market now make up 11% of the total.

In current trading sales for the first 26 weeks of the financial year are up 15.6% on last year to £40.6m.

The company now ships to 46 countries and has dedicated websites in the UK, US, Germany and Japan, and a European Union-wide site.

Chief executive Justin Stead said: “All the foundations and investment that we have put into the business since the acquisition in June 2016 have paid off. With our redefined brand DNA, our evolving fashion-forward ranges, targeting a younger market and continued success overseas, the company is in a strong position.

“During the year ahead we will continue to capitalise on the success in the US through organic growth with existing partners and extend our reach with additional routes to market.

“Further afield, there is a clear opportunity for China to be a growth market, initially with Tmall, which has already shown a phenomenal sales trajectory.”

 

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