Boden reports 13% rise in profit
Boden, the internet fashion retailer famous for its colourful designs, has reported a 13% surge in pre-tax profits to £32.5 million for the year to 31 December 2010. Sales increased by 15% to £232.2 million as the retailer grew its customer base by 11% to 1.2 million.
Boden said its international business was performing well and had more potential for growth than in the UK. Sales in Austria and Germany grew by 61% in the period and earlier this month the retailer launched a website in France. There are plans to launch in other European markets during 2012 if this is successful.
During the first half of 2011, like-for-like sales rose by 5% but Boden said that trading in the UK had been challenging as customers were “highly sensitive to promotions”. The retailer is being forced to offer free returns and deliveries as well as periodic discounts.
Boden said it would be expanding its online exclusive ranges following the success of collections such as Limited Editions and the Cashmere Shop.
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