Jessops reports increase in sales and profits
Camera retailer Jessops has reported a 3% rise in total sales to £236.8 million in 2011 as the companys online business grew by 79%.
In the 52 weeks to 1 January 2012, like-for-like sales rose by 1.3% with EBITDA increasing by 29.8% to £5.7 million due to margin improvements and tight cost controls.
Jessops said online sales now account for 32% of its total business as 70% of online customers opt to collect their products from the stores, thereby helping the retailer to build stronger customer relationships.
The company, which operates more than 200 stores across the UK, said 2011 had been "a very challenging year" in which product supply had been disrupted by the Japanese tsunami and flooding in Thailand.
A total of six new stores were opened during the year and an additional 20 shops were refurbished. Jessops said its refurbished and relocated stores had seen sales rise by 20%. A further 25 store refurbishments are planned for this year and a new cloud storage service will be launched in the final quarter.
Chief executive Trevor Moore said: "2011 was a difficult year for retailers and 2012 is expected to be challenging.
"Jessops will continue to work closely in partnership with its suppliers to present new technology and innovation to the market with the aim of being the best channel to market for our suppliers and the first choice destination for all our customers imaging needs.
"We remain cautiously optimistic in the outlook for 2012."
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