Lifestyle retailer White Stuff grew total sales 16.2% in the year to May 3, as it opened five stores and invested in its multichannel proposition.
Like-for-likes were up 8.5%, while EBITDA rose 30.7% to £16.6m. White Stuff’s gross margin improved by 2.1 percentage points, driven by strong full price trading.
The company said it expected its online business, which grew 47.9% during the year and now represents 20.8% of total sales, up from 16.4% last year, to continue its strong upwards trajectory.
It opened five new stores and 15 concessions in the year, and closed one store and one concession. White Stuff now has 89 stores and 43 concessions - in John Lewis, House of Fraser and various independents. “We will continue to add suitable retail locations, where they complement our multichannel strategy,” the retailer said in a statement.
International sales increased 70.5% over the year, driven by online sales, the company’s European wholesale business and three recent concession openings in Germany. White Stuff did not reveal its international sales figures, but said this side of the business was “still at a very early stage of development”.
White Stuff’s net cash position closed at £7.9m with £13.8m cash and debt of £5.9m, an improvement of £9.4m on the net debt of £1.5m last year. The business has secured a £20m bank facility for the next four years.
Chief executive Jeremy Seigal said: “We have started the new financial year well, benefitting from a very positive reaction to our summer ranges. We continue to develop a highly differentiated product and service for our customers and continue to invest in growing the business.”
As Drapers reported last week, Practicology chief executive Martin Newman - who has a strong background in ecommerce and multichannel - will join White Stuff as a non-executive director from September 1.