American Golf to open 30 new stores after record sales
American Golf is set to open 30 new stores over the next three years and create 250 jobs.
The private equity-owned company, which currently has 100 stores, is also planning to enhance its e-commerce offer both in the UK and Europe.
The news comes as American Golf enjoyed record sales in the year to end January when sales rose 3% to £133 million. This was despite a 13% drop in rounds of golf being played in the UK due to adverse weather conditions during the year.
However, EBITDA fell to between £7-7.5 million, compared with £8 million in the previous year, as the retailer invested in new store openings.
American Golf will launch ten of the new stores in the first quarter of the financial year. Other plans include the opening of new ladies stores within its outlets, which will include 11 centres of excellence.
Improvements to the online business, which currently delivers around 12% of total sales, is expected to increase revenue by 40%.
Chief executive Kevin Styles said: "We delivered record sales and, more importantly, made some major improvements and investments to get the platform right for our next growth phase.
"This included strengthening our e-commerce business, developing the best golf retail store format in Europe, further strengthening our merchandising & range authority and investing in our people.
"What didn’t change was our focus on helping customers improve their performance, by providing them with the best advice, expert fitting and the kit that’s right for their game."
Chief financial officer Stuart Owens, added: "We occupy a position of real strength in the sector as Europe’s leading specialist multi-channel golf retailer in a global and growing sport.
"Combined with a solid financial platform and an unrivalled proposition, we see enormous potential to continue growing the business and consolidate our position as the dominant European leader in golf retail."
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