Whittard of Chelsea boosted by UK growth and international expansion
Whittard of Chelsea delivered an 8% increase in sales to £45.7 million last year as it benefited from “robust” domestic growth and international expansion.
The tea, coffee and hot chocolate retailer saw its like-for-like sales climb by 28% on 2022 and by 12% on pre-pandemic levels.
Subscribe to TRBMeanwhile, UK sales rose by 13% year-on-year to £39.4 million as it continued to grow its appeal among domestic customers.
There was also a £2.2 million improvement in operating profit in the year despite the impact of inflation.
Nathan Smith, chief executive of Whittard of Chelsea (pictured), said: “Our strong 2023 results reflect the health and appeal of the brand as UK sales increased 13% year on year.
“What is most pleasing is that the growth is driven by increased levels of domestic and international footfall, demonstrating that our customer focused growth plans are starting to deliver results.”
While it is active in over 40 countries, Whittard’s main overseas focus continues to be in Asia, the Middle East and the US. Growth was particularly strong in South Korea where sales grew by 89% in the year, although China remains Whittard’s largest market outside the UK. The retailer has recently opened a New York office to accelerate its expansion in the US.
Whittard now operates over 40 stores in the UK, including a flagship location in London’s Covent Garden and a newly launched concept store in a prime location in Oxford Street.
Giving an update on more recent trading, the retailer said the momentum continued in the first eight months of 2024 with double-digit like-for-like sales growth.
Smith added: “Whittard’s future is full of potential. We are committed to building on our strong UK presence and expanding globally in markets where we see great opportunity. With new store concepts, a loyal customer base, and a strong leadership team, we are excited to continue our growth journey and share the Whittard experience with more customers around the world.”
