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Lush sales boosted by new European stores

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Turnover at cosmetics retailer Lush was eight per cent up year-on-year in the eight months to February 28th 2011, according to a trading statement published by the company today.

The opening of 72 shops in the financial year to date, including outlets in new locations such as Serbia, Portugal and Kosovo, has helped to significantly boost revenue at the global health & beauty business.

Encouraging progress in the 2010/11 trading period so far comes despite a major setback with the company’s online operation earlier this year when hackers entered the firm’s official website and were able to steal customer’s financial details.

Sales would have undoubtedly been affected by the turmoil because the transactional website was down for a number of days.

A temporary website is still in place as the retailer undertakes a forensic review of the criminal activity that took place, and the company is set to announce the launch of a new portal later this spring.

The positive year-to-date trading figures released this afternoon appear to be an extension of strong trading activity experienced over a longer-term period.

Lush revealed today that it increased worldwide revenues by 15 per cent to £247 million in the financial year ending June 30th 2010, while profit-before-tax grew from £13.9 million to £22.3 million over the course of that time.

In an interview with Retail Gazette in January, co-founder of Lush Mark Constantine said that he expects the retailer to increase its property portfolio in the UK in 2011, having focused on other markets in recent years.

“We will certainly go over 100 stores during the course of the next year, potentially building up in key locations like central London and Birmingham,” he stated.

Published on Wednesday 30 March by Editorial Assistant

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