Oh Polly's profits nearly double despite turnover dip

Online fashion retailer Oh Polly has delivered a significantly stronger profit performance for the year ending 30 April 2025, despite a decline in turnover.

According to newly filed accounts, turnover fell to £68.1 million, down from £73 million the previous year. However, the drop in revenue was more than offset by reductions across both cost of sales and operating expenses. Cost of sales decreased to £54.4 million from £57 million, while administrative expenses fell sharply from £54.3 million to £47.4 million.

As a result, operating profit rose to £10.55 million, up from £5.33 million in 2024. The business also benefited from lower exceptional costs during the year, which reduced to £289,000 from £429,000, further supporting profitability.

Profit before tax reached £10.55 million, compared with £5.33 million the year before.

The performance reflects a year focused on global consolidation rather than aggressive expansion. The business, which operates the Oh Polly and Bo+Tee brands, continued to lean into its social-first, direct-to-consumer model. While inflation and cost-of-living pressures have impacted consumer spending, the company said its broad product mix helped maintain relevance across both existing and new customers.

Oh Polly ended the year with £10.8 million in cash, up from £7.8 million, and net assets of £24.2 million, compared with £16.4 million a year earlier.

Looking ahead, directors acknowledged that inflationary pressures and potential changes to international tariffs are likely to make the year ahead challenging. However, they said the business remains confident.