Women’s clothing retailer Bonmarché has reported a 55% rise in pre-tax profits after it pledged to make more fashionable ranges.
The company, which listed on the London Stock Exchange in late 2013, enjoyed a 4% rise in like-for-like sales in the year to March 28, with pre-tax profits up to £12.4m.
The warmer weather in the start of the last financial year meant strong demand for summer clothing lines but the second-half was more challenging after unseasonably warm autumn weather affected sales of coats and knitwear.
Aimed at the over-50 market, Bonmarché enjoyed total revenue increase of 8.7% to £178.6m.
Beth Butterwick, Chief Executive of Bonmarché, said: “I am satisfied with the current year’s performance, in a year of contrasts between a strong performance in the first half, supported by good weather, versus a more challenging second half of the year.
Against this backdrop, we have continued to deliver improvements across the business and have achieved solid profit growth. The Group’s financial position is sound, and we enter the new financial year with a strong balance sheet and confidence in our ongoing growth strategy.”