Monday, January 24, 2022

The Fragrance Shop posts bumper full-year report

The Fragrance Shop has recorded £105 million in total sales for the year to the end of March, an increase of 9.4 per cent and a record high.

The retailer also posted a 5.5 per cent increase in like-for-like sales with trading being driven by big-ticket scents.

In addition, its online operation continued to increase in popularity with year-on-year ecommerce sales rising 38 per cent.

The figures delivered an increase in underlying profit of nine per cent to £14.4 million, compared to 2015‘s £13.2 million.

Alongside Dior Sauvage, which launched last autumn, sales were driven by new fragrances from Hugo Boss, Decadence by Marc Jacobs and Gucci‘s Bamboo.

The Fragrance Shop also reported strong demand for Twist & Spritz, its exclusive 8mL atomiser which allows customers to take their favourite fragrance on the move.

During the year the company opened 14 new stores and plans to launch another 20 in the current financial year.

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It currently operates 179 stores and remained on target to open its 200th UK store during 2017.

The retailer, which employs just under 1100 people, also said trading had remained strong following the EU referendum vote as consumers sought “accessible luxury”.

“Trading has remained robust in the wake of the Brexit vote in late June and we are experiencing something of a ‘fragrance effect‘,” The Fragrance Shop retail director Michelle Edmondson said.

“In these uncertain times we believe people view fragrance as an accessible luxury. 

“People may be foregoing extravagant purchases, but they can easily and affordably invest in a new fragrance to help them feel great.”

The retailer said it has received positive feedback on the new My Fragrance App launched last year, as well as solid take-up of its same-day delivery service.

The Fragrance Shop chief executive Sanjay Vadera was pleased with the bumper full year report.

“Our focus over the next year will be on bringing this combination to even more people as we approach 200 stores in the UK,” he said.

“We‘re also confident of enjoying another successful Christmas, our key trading period of the year.”

The Fragrance Shop was founded in 1994 and markets itself as the UK‘s largest independent fragrance retailer. It is headquartered in Manchester.

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