Australian stationery retailer Smiggle raked in skyrocketing sales and profits in its UK operations last year, thanks to an ambitious expansion scheme and soaring online sales.
According to accounts filed at Companies House, Smiggle recorded a 92 per cent increase in revenues to £55.7 million in the year to July 2017.
Meanwhile, pre-tax profit rose from £3.8 million to £10.8 million, which Smiggle group managing director John Cheston said was driven by online sales.
Smiggle currently has around 130 UK outlets, including its recently-opened two-storey Oxford Street flagship in London.
The retailer had been targeting 200 stores in the UK as part of efforts to hit AUD $200 million (£112 million) in revenue by 2019, but Cheston told Press Association that the company may now not need that many.
He cited the growth of Smiggle’s online arm as well as the caution felt as a result of the recent spate of CVAs from various household retail names as reasons why.