Furniture and interiors retailer OKA has today reported a strong start to 2011 as it unveiled its latest full-year results.
Profits before tax and exceptional items increased 24.4 per cent for the firm in the 12 months to January, up from £379,768 to £472,287, and sales were reported to have risen 9.4 per cent to almost £15 million during the same period.
OKA has continued this growth with a further 31.5 per cent jump in turnover for the first five months of this year to May and the trader seems cautiously confident looking forward.
Annabel Astor, the co-founder and CEO of OKA, said: “We are delighted to report a profit before tax and after exceptional items this year. We can credit this to the investment in our new flagship store which opened in Chelsea, London in September 2010 and has been a huge success, along with the continued careful management of the business.
“We are very aware that the economic environment surrounding the retail sector remains difficult and we are therefore continuously evaluating new business opportunities.
“This includes our property portfolio which we will be looking to re-align in the next 12 months. As the Chelsea flagship has proved to us when the location is right trading is hugely successful.”
Last week the company announced that it had hired former Cath Kidston Head of Retail Lori Rosenfeld as a Retail Director with the specific task of promoting the brand during the tough economic climate.
The homewares sector has been squeezed by a fall in disposable incomes over the last year or so making this performance by OKA even more impressive.
During 2010 trade business grew by more than 100 per cent and overall its profit margins increased by five per cent year-on-year.
Later this month its will open a 3,000 sq ft concession at Selfridges on Oxford Street, London – a first for the retailer – and as part of a rebalancing of it property portfolio it will turn its current showroom in Froxfield in Wiltshire into a regional flagship store.