Local non-food convenience retailer The Original Factory Shop (TOFS) has announced today a total sales jump of 10 per cent during Christmas trading, despite recent reports that the company is set to be sold.
Last week, reports emerged that the retailer, owned by private equity firm Duke Street Capital, is looking for a buyer in a sales process that could value the company at more than £100 million, according to Sky News.
Duke Street Capital acquired the retailer in late 2007 for an estimated £70 million in the hope of aiding with both bricks and mortar and multichannel expansion plans as the convenience sector strengthened its position as the economy stuttered.
While reports of a potential sale remain unconfirmed, TOFS said in a trading statement today that sales had been strong despite the “challenging market”, reporting a 3.6 per cent like-for-like (LFL) sales rise in the six weeks to January 6th 2013.
Mens and ladies underwear, pet accessories and living decor LFL sales increased over the period, up 16.6 per cent, 13.2 per cent and 10.5 per cent respectively, while electricals sales saw a 10 per cent boost.
Angela Spindler, CEO of TOFS said of the figures: “We were pleased with Christmas trading, achieving good growth in sales and profit despite the challenges of the market.
“As December progressed sales got stronger with Christmas Eve being our highest turnover day ever.
“We play an important role for customers providing last minute gifting inspiration as well as important non-food basics, right on their doorstep.
“Our sales performance in the run up to Christmas really highlights the importance of convenience to our customers.
“While we anticipate conditions will remain challenging for the retail sector, we see 2013 as another year of growth for us as we continue to offer quality brands at factory shop prices.”