Profits soared at White Stuff over the last year as the high street retailer delivered a “significant increase” in full price trading.
Total sales at the chain grew 11.4% to £99.5m in the year to April 27 while EBITDA increased 52.6% to £12.7m due to a “significant increase” in full price trading, which helped drive up gross margins.
Chief executive Jeremy Seigal said discounting had “diminished” throughout the year, although he declined to say how much by. Siegal said the level of promotion would continue to decline over this next financial year.
Sales across White Stuff’s UK stores grew by 6.5% to £79.8m as its wholesale arm increased revenues by 21.6% to £3.4m. International sales were another steep climber with revenues rising 64.2%.
Online sales grew 40.9% to £16.3% and now make up 16.4% of total revenues across the business compared to 13% this time last year.
“There’s still a way to go,” said Seigal. “But it’s moving in the right direction.”
Ecommerce sales growth was driven by improvements to the retailer’s operational systems, as well as the introduction of click and collect and options such as returning items in store.
White Stuff also continued its commitment to paying at least 1% of its profits to charity and donated £232,000 during the year.
Seigal said performance in the current financial year was “above management expectations, underpinned by excellent weather, in what continues to be an uncertain market”.
He added: “We remain focused on the core business and building a solid base for future growth.”