The White Company grows full year profit
The White Company has posted an increase in full year profit after strong online sales boosted trade when stores were closed during Covid-19 lockdowns.
In the 52 weeks to 1 August 2020, group operating profit came in at £14.1 million to mark a 4% increase on the previous year, which was a 70-week period. Group turnover was also up, rising by 4% to £226.3 million.
The White Company said strong online sales meant it was able to mitigate a large percentage of the lost trade from stores closed during Covid-19 lockdowns.
During the year, the retailer opened two new shops and two further concessions to bring the total number of UK stores to 61, including
11 concessions. In addition, it continued to trade from two stores in Ireland and one in the US.
Giving an update on its performance in its new financial year, The White Company said trading since August has been positive as it continues to benefit from increased consumer demand for home and gifting products.
Mary Homer, The White Company chief executive, said: “The year has, without doubt, been extremely challenging, with a global pandemic that created many business situations that none of us have ever experienced before. In light of this, I am very pleased with our results, both from a turnover and profit perspective.
“Our strategy to make further strides with our international growth, digital transformation and IT infrastructure remains the same, and this is instrumental in ensuring we achieve future growth. Overall, as a business, we are in a strong position – trade during this current year has been positive, and we are cautiously optimistic, albeit we know there are many challenges ahead for the economy, and therefore the retail sector.”
