Whistles expansion bears fruit as turnover tops £73m

Whistles trading update
Whistles opened a total of 7 new stores and 22 concessions during the year
// Whistles reports rise in turnover thanks to expansion programme
// Turnover rose 7% to £73m for the year to March 31
// Ecommerce sales accounted for 38.2% of turnover

Whistles has reported a rise in turnover thanks to new store and concession openings.

The womenswear retailer’s turnover rose by seven per cent year-on year to £73.4 million for the year to March 31.

During the period, ecommerce sales accounted for 38.2 per cent of turnover, from 36.1 per cent the year before.

READ MORE: Whistles online sales up 10% thanks to “ship from store” tech

Meanwhile, Whistles saw its operating profits drop six per cent to £3 million. Profit before taxation decreased by 7.6 per cent to £2.4 million.

Profit after tax dropped by 47 per cent to £1.9 million, compared to the same period in 2018, while gross profit increased by 5.2 per cent to £46.4 million.

Adjusted EBITDA increased from £4.5 million to £5.4 million, indicating a growth of 18 per cent.

Whistles opened a total of seven new stores and 22 concessions during the year, offset by three store and four concession closures.

The retailer now operates in 51 standalone stores within the UK, with 106 concessions in department stores worldwide.

Whistles said it will further develop its teams, while improving the “strength and breadth” of supplier relationships.

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