Marks Electrical’s sales have surged as the retailer’s investment into customer services pays off.
Revenue for the retailer rocketed 30.7% to £36.2m in the four months to 31 July, compared to £27.7m the year before.
Marks Electricals said its market share in major domestic appliances and consumer electronics edged up slightly during its first quarter, despite the challenging backdrop.
The retailer attributed its growth to its investment into next-day integrated installation services, which has grown 200% year-on-year, with over 4,500 installation orders
over the period.
Marks Electricals has also invested in its distribution centre, vehicles and processes to prepare for peak autumn trading.
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Chief executive Mark Smithson said: “We’ve made a fast start to FY24 with revenue growth of over 30% against an MDA & CE market that is marginally down in the first months of our financial year.
“Our focus and attention on growing our installation offering is enabling us to create a truly differentiated, market-leading proposition for customers, further enhancing the strengths of our operating model.
“We have been very encouraged by the take-up of this service, which is now available to over 65% of the UK population on a next-day basis, and are excited about its potential.
“Despite a challenging market backdrop, including wage inflation and strong competitor activity on gross margin, we have maintained our tight control on inventory, overhead cost management and disciplined capital allocation, ensuring we have a healthy cash position and remaining focused on profitable market share gains as our brand awareness continues to grow.”
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