Evans Cycles eases losses thanks to e-bike demand

Full-year losses have eased up for Evans Cycles thanks to the growth of e-bike purchases and store reconfiguration.

According to Retail Week, the specialist retailer had managed to reduce full-year pre-tax losses of £2.5 million in the 12 months to October 28, down from losses of £5.8 million in the same period the year before.

Sales at the retailer rose two per cent during that time, up to £138.8 million.

Evans Cycles said the growth was down to e-bike purchases and the fact it had reconfigured the store layout at a handful of its properties.

The retailer said that investing in its websites alongside its cycle-to-work initiative “helped the company grow its revenue and improve profitability year on year despite broader market headwinds”.

It added: “The directors remain confident about the medium and long-term prospects for the UK cycling market, noting that UK adult cycling participation is significantly below European averages, especially in cities, while new products such as e-bikes continue to expand the addressable market and the government continues to invest in improving national cycling infrastructure.”

The results come as the retailer continued a turnaround strategy under interim chief executive Alan Fort, after ousting two other chief executives, Andy King and Nick Wilkinson in two years.

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



Please enter your comment!
Please enter your name here