Boden sales boosted by international expansion
Lifestyle clothing retailer Boden saw its total sales increase by 5% in 2013 while pre-tax profits remained flat.
Total group sales climbed from £265.4 million to £278.7 million boosted by strong sales in the US and Germany where the retailer has recruited a substantial number of new customers. Boden, which sells online and via a mail order catalogue, said 55% of its sales are now from outside the UK.
Pre-tax profit was flat at £24.4 million compared to £24.3 million in 2012 which the retailer attributed to “increasingly promotional conditions” in all of its markets.
During the year, Boden strengthened its management team with the appointment of Penny Herriman as brand director to drive global brand development. It also formed a dedicated e-commerce team which has led to an 8% increase visitors to its website with online accounting for over 90% of sales.
Boden said it now has over 1.5 million active customers, with customer loyalty at a record high and retention rates improved in all markets. The retailer is now trading in more than 60 countries worldwide after launching a dedicated website in Australia in August.
Looking at current trading, Boden said sales in the six months to June 2014 were 6.5% ahead of the previous year at like-for-like exchange rates.
Boden chief executive Julian Granville added: “We are pleased with the 2013 results, having managed to grow sales and profits in what remained a difficult retail environment. We are delighted to welcome Penny Herriman to the management team to drive global growth further.
“2014 has started well and we expect further growth to be achieved for the full year. We are particularly pleased with the improvement of sales and margin in the first half of the year.”
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