Saturday, February 23, 2019

Wiggle says it’s all uphill from here


Sporting goods etailer Wiggle recorded an 11.5% increase in full-year sales, boosted by a strong performance in the UK. In Britain, sales jumped 26%, whilst revenues in Europe grew by 20%.

However, sales across the rest of the world dropped 13.1%, largely as a result of less than ideal currency exchange rates. Reported earnings were down by 47%.

Wiggle CEO Stefan Barden said that Australia and Japan suffered the greatest losses as a result of the currency situation, but that Wiggles still “trades well” in Australia. He added that the company plans to open an office in Sydney by the end of the year.

“It‘s important to have an operation in the southern hemisphere to help with brand relations and sourcing,” he added.

Barden said that he was “very pleased” with Wiggle‘s performance overall, and that sales growth had also increased in the current first half period.

Plans are underway for Wiggle to open a £10m distribution centre in the UK.