The Fragrance Shop sales and profits rise amid expansion drive

171
The Fragrance Shop

The Fragrance Shop has enjoyed another buoyant trading year, boosted by a range of big-ticket perfumes and its ongoing store expansion.

Like-for-like sales increased by five per while overall sales increased by 11.9 per cent on continuing store activities on a comparative 52 week period.

The Manchester-based retailer, which operates 183 stores nationwide, also said total consolidated net sales rose to £112 million while its online sales increased by 34 per year-on-year.

Meanwhile, underlying group profitability rose by 7.6 per cent to £15.1 million and net profit increased by 16.3 per cent to £10.2 million against the respective comparative 52 week periods to last year.

READ MORE: The Fragrance Shop sells 80,000 bottles as last minute gifts

The chain is also on track to open its 200th store during its current fiscal year, alongside a concession store format in partnership with House of Fraser across 28 sites.

“We have achieved outstanding like for like sales growth for another year as a result of listening to our customers and giving them what they are asking for; an expanding range of accessibly-priced luxury fragrances, being first to market with exclusives, the best possible retail experience and an expanding store portfolio,” The Fragrance Shop chief executive Sanjay Vadera said.

“Our latest trading figures also demonstrate the resilience of the fragrance sector with luxury perfumes like Dior Sauvage by far the top performing scents.

“This year we will continue to expand our store portfolio and… we will also unveil our new ‘scentaddict’ subscription service, currently in beta testing, which will allow customers to try luxury scents monthly with no commitment.

“Early indications have shown us that new launches will perform positively for us in 2018, such as Missguided’s debut scent Babe Power, which has been the fastest selling debut female fragrance this year.”

Click here to sign up to Retail Gazette’s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here