JoJo Maman Bébé reveals "positive" financial results for 2022
JoJo Maman Bébé, the multi-channel maternitywear and baby clothing retailer, reported a successful 2022 fiscal year, largely boosted by £11.7 million in-store sales.
During the 2022 fiscal year, ending 20 June 2022, the company saw a strong recovery in post COVID-19 sales. Overall, turnover increased 13% (up by £8.2 million) due to an increase in retail sales. However, due to a dip in e-commerce, it is to be noted that positive results were offset by a decrease in web sales by £3.9 million.
In a statement, the company commented: "Trading has been positive and on target up to the point of filing the accounts."
The company reported a £70.9 million turnover, compared to £62.8 million the year prior. Overall, gross profit stood at 57.9% and EBITDA was at £3.85 million.
JoJo Maman Bébé was founded in 1993 as a mail-order seller. The business was later acquired in April 2022 by Foxford Capital and NEXT. The acquisition is unlikely to have impacted the results for fiscal year 2022.
NEXT acquired 44% of its shares, while the remaining 56% was purchased by investment manager Davidson Kempner.
Laura Tenison stepped away from the business, commenting: “Growing JoJo from a kitchen table startup to being the UK’s leading specialist boutique mother and baby brand has been my priority for the past 30 years. I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future."
She was replaced as CEO by Gwynn Milligan, who was promoted from Commerical Director.