Profits leap by 180% at lingerie retailer Ann Summers
Profit before tax at lingerie and fashion retailer Ann Summers soared by 180% to £2.9m in the year to 24 June 2017 on sales up from £102m to £109m, despite the prevailing "challenging" retail conditions.
In accounts just filed at Companies House, CEO Jacqueline Gold CBE said the business had placed its customer at the heart of its decision making and had rolled out store improvements and overhauled its IT infrastructure to provide a better customer experience.
"I echo other retailers in acknowledging that the economic environment in which we are trading is challenging. With customers having less money in their pockets it is more important than ever that we are focused on our customers," she said.
"At Ann Summers we put the customer at heart of our decision making, and as a result we continue to buck the retail trend with all our channels delivering growth in sales and profit in the last financial year," Gold added.
During the period, the retailer relocated or refitted eight of its stores, including its flagship at London's Marble Arch, and added three new stores. The refitted stores had outperformed the rest of the store estate so the business aimed to ensure that all of its "core portfolio" received the new store concept within the next three years, Gold said.
The new Ann Summers activewear line
An on-going IT infrastructure overhaul is also underway to improve internal efficiencies and customer experience and the focus on product remained key with, for instance, the relaunch of its Knickerbox range for the younger customer. More recently Ann Summers has made a move into the burgeoning activewear space with a new line that incorporates the brand's sexy twist.
Gold added that the core lingerie and fashion lines had continued to be successful for its own channels and also its wholesale partners, which include ASOS, House of Fraser and Shop Direct.
"We may face challenging times, but I continue to be excited for the future success of our business," Gold said.
