The White Company sees 21% boost in revenues for 2021
The White Company has released its annual report for the 52 weeks ending 31 July 2021, revealing revenues reached £271 million, a 21% increase against 2020.
- Total Turnover of £271 million, a 21% increase against 2020
- Turnover in the UK reaching £246 million
- Turnover in the rest of the world totalling £25 million
- Operating profits of £27.9 million, a 57% increase against 2020
- Profits after taxation of £22.9 million
The business attributed the results to "large numbers" of consumers having to work from home and unable to spend on leisure or travel, resulting in a higher disposable income that boosted sales in home and gifting categories.
"Sales in most of our home categories, along with nightwear and loungewear, all started to accelerate, with the levels of growth largely sustained throughout the year. Conversely, the only area within our product portfolio that suffered was daywear, because consumers had less opportunity to go our or travel," the company said.
The brand further highlighted a boost in its online channels over the past year and that its store performance was "stronger than expected and only slightly down on the levels seen pre COVID."
Whilst demand for product was "stronger than ever before" from both existing and new customers, "the operational challenges of fulfilling this demand were significant, especially with the stores shut for nearly five months of the year in total."
The business noted that the biggest challenge was operating during the November through Christmas period, when stores were forced to shut and trade migrated online. As stores were also shut over Christmas the company missed "out on the valuable last minute Christmas rush" and was unable to maximise trading potential while incurring higher operational costs.
The business reported that the majority of trade still come from UK customers but that it had seen "strong online growth" in the US and other International markets.