£92.9m turnover leads to Radley being in “strong position”

Radley trading update Justin Stead
Radley has completed a restructuring of its UK distribution
// Radley posts £92.9 million turnover in the year to April 28
// Underlying EBITDA increased 9% to £6.9 million

Radley has recorded an “improvement in performance” thanks to its new strategy of focusing on elevation in all areas of the business.

In the year to April 28, the British retailer recorded a turnover of £92.9 million, up 8.2 per cent on 2018.

Underlying EBITDA increased by nine per cent to £6.9 million, while international sales grew 51 per cent to £29.2 million.

Online sales increased by seven per cent to £13.7 million and accounted for 18 per cent of Radley’s total sales.

US sales were up 104 per cent to £19.2 million during the period, while wholesale sales grew by 58 per cent in the Asia-Pacific region.

Radley completed a restructuring of its UK distribution which will lead to it having fewer stockists. The retailer is also launching footwear and men’s bags and accessories for Christmas.

During the year, Radley appointed Mark Gifford as chairman, and Jackie Hay as chief product officer, to drive the elevation of the product positioning.

“Notwithstanding the challenging full-price retail dynamics in our home market, we are delighted to report another improvement in our performance, delivering new record levels of sales and continued earnings growth,” Radley chief executive Justin Stead said.

“This is testament to the efforts we have made focusing on elevation in all areas of our business and particularly with our collections; making sure they are continually exciting and relevant,” he said.

“This will continue as we proceed with the further expansion and extensions to our international distribution, our improved online channels and investment in social media as well as brand elevation with key ambassadors.

“We are in a strong position, delivering growth in the current financial year and we expect this to continue.”

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