Edinburgh Woollen Mill to open more stores as profit rises
- FY pre-tax profit up 28% to GBP91.2m
- Sales up 1.9% to GBP562.6m
- Plans to open a further 100 stores
The group plans to open a further 100 stores
Continuing its expansion, UK clothing retailer Edinburgh Woollen Mill Group has revealed plans to open a further 100 stores after booking a double-digit increase in annual profit.
The owner of the Jane Norman, Peacocks and Ponden Mill brands said it is "actively looking" for new sites in the UK and overseas as part of plans to open 100 new stores over the next two years.
Pre-tax profit reached GBP91.2m (US$137.2m) for the year to 28 February, compared to GBP71.3m in the same period of the prior year.
Sales increased 1.9% to GBP562.6m from GBP551.9m last year.
Its namesake brand saw sales fall 1.4% to GBP166.2m, while online sales grew 15%. Peacocks posted an 8% increase in sales to GBP351.7m, and online sales jumped 62%. At Jane Norman, online sales rose by 23%.
Group commercial director Steve Simpson said control of sourcing and input prices helped to deliver strong overall margin growth.
The group opened a further 53 stores during the year, including five new overseas stores, creating 800 new jobs. It will also further update its existing estate as it targets the organic growth of both its Edinburgh Woollen Mill and Peacocks brands.
- Trump blows the case for Brexit out of the water
- How to ensure sustainability is more than a slogan
- Steps to piloting living wage in garment factories
- Duty-free trade key to build Africa supply chains
- Bangladesh slips as US imports decline in October
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- US Q3 in brief – Destination Maternity, Cherokee
- World cotton price prospects lifted again
- Adidas NYC flagship raises the bar on sport stores