Office profits recover amid tough market conditions

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Office

Footwear retailer Office has enjoyed a recovery in its profits in its full year report, after it was set back by costs involved with its sale to South African retailer Truworths in 2015.

According to documents filed at Companies House, full-year EBITDA came in at £32.4 million for the chain’s 53 week period ending July 2 last year.

In the prior year ending June 26, 2016 – which covered a 74 week period – Office’s EBITDA was £37.6 million.

The retailer also raked in sales of £298.7 million in the 53 weeks to July 2, compared with £387.8 million in the prior year.

The retailer said its bottom line in that 74-week period was “adversely impacted by transaction-related costs” when it was acquired by Truworths.

It praised the financial results this year, saying it came despite  “continued tough trading conditions” in the UK.

Office also opened three new standalone stores and closed down six concessions in its last fiscal year, bringing its total to 118 stores and 38 concessions.

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