Stock market newcomer Bonmarché yesterday reported a 66 per cent surge in profits and claimed it was winning a bigger share of the women’s budget clothing market.
The retailer, which floated in November, said its share of women’s “value sector” increased from 2.8 per cent to 3.2 per cent during the 12 months to the end of March. That helped pre-tax profits reach £8 million, up from £4.8m a year before.
Chief executive Beth Butterwick said: “[This] was the first full year of implementing our new business plan and we have made good progress in each of our key strategic areas: product, multi-channel, stores and our service proposition.
“We are confident that the success-
ful execution of our forward growth strategy, combined with our established position as one of the largest pure-play value
dedicated to women over 50, will enable us to continue building
on our appeal and accessibility to these custom
ers and, in turn, deliver value for our shareholders.”
The firm launched a new website platform in 2012 and the effects of its first full year in operation helped its “multi-channel” sales grow by 84 per cent.
The division also includes Bonmarché’s TV shopping channel.
Butterwick said the channel accounts for only a small part of the total sales mix, but is a “valuable and low-cost way of bringing Bonmarché to the attention of a wider audience”.
In the last year, the company opened two concessions in garden centres operated by a third party.