Ann Summers remains 'robust' after Jacqueline Gold's passing
Ann Summers has continued to invest in its business strategy, from brick-and-mortar expansion to restructuring its board. After implementing these changes, the company has revealed its turnover increased by 4.5% to £104.6 million during FY23.
Financial highlights are as follows:
- Gross profit up 3% to £61.8 million.
- Turnover up 4.5% from £100.1 million to £104.6 million.
- Stores, which are the retailer's most profitable channel, saw a sales growth of 12%, driven by consumers returning to the high street post-pandemic.
This trading performance was also supported by new store openings in Chelmsford, Croydon, Buchanan and Brent Cross. In addition, the company overhauled its website design and implemented new technology to improve its logistics operations.
During the period, Ann Summers also expanded its third-party offering with Debenhams bringing its partnerships to a total of14.
Overall, the retailer reported "robust" trading in the first half, supported by strong Halloween performance with its ‘role play’ collection. However, inflation and the cost-of-living crisis negatively impacted consumer confidence in the second half.
Maria Hollins, CEO of Ann Summers, said: "This financial year has been one of great personal and professional sadness for the Ann Summers business following the passing of two key members of our family-owned business: former Shareholder, David Gold, and Jacqueline Gold CBE. The loss of Jacqueline has been immeasurable to us and our colleagues, but we, with the support of Vanessa Gold our Executive Chair, remain determined to continue her legacy and ensure the growth and success of Ann Summers for the future.
"Despite the challenges the year presented the business, turnover continued to grow year-on-year, a direct result of our clearly defined commercial business strategy and the continued investment in our business. We remain excited by the opportunities ahead of us."
