Lifestyle retailer Boden has recorded a 13% rise in sales, and its pre-tax profits are up £1m to £27m.
For the year to 31 December 2017, group sales rose by 13% to £347.1m, up from £308.3m in 2016. Sales rose 9% on a constant-currency basis. The brand said the increase in revenues was driven by more customers and a rise in average spend per existing customer.
Boden had a 14% increase in first-time customers during 2017. The expansion of concessions in John Lewis and its retail store on London’s Kings Road helped to improve visibility of the Boden range.
Initial results for 2018 show that sales have continued to rise – they were up 12% for the first half of the year.
Boden is investing in a major redevelopment of its website infrastructure to provide “new digital platforms and greater flexibility” that will reflect more market and customer focus. The brand highlighted that online investment may dent future profits “in the short term”.
Chief executive Jill Easterbrook said: ”We made strong progress last year and were delighted with the results achieved. 2017 saw a year of considerable investment and this will continue for the next few years. The investment programme will provide us with a solid platform as we build Boden into an international multichannel retailer.
“We have been targeting key strategic areas of investment, skills, market knowledge and people needed to continue Boden’s international growth in the coming years.
“The organisational restructuring within the business will enable us to be even more customer-focused and market driven, while at the same time maintaining our strong Boden brand.”