White Stuff has said this financial year “is off to a good start” as it delivered an increase in sales and profits, attributed to its full-price strategy and a focus on customer favourites.
For the year ending 27 April 2024, the clothing retailer saw total sales for the period rise by 2.4% to £155m, up from £151.4m the previous year.
The business posted a 6.8% increase in full-price sales, which it said was driven by reduced promotional activity and a focus on popular product lines, which made up 50% of all full-price sales.
EBITDA also saw a notable rise, growing by 23% to £8.6m compared to £7m in 2023.
Chief executive Jo Jenkins said: “This has been another strong year for White Stuff, despite a challenging external environment, which reinforces that the commitment to our brand transformation is working.”
Operating profit increased to £5.1m in the latest financial year, up from £4.4m, which the company said was a better reflection of underlying profits.
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Across the period, the retailer expanded its physical presence, opening three new retail locations, including a flagship store in Liverpool, with plans for further openings in Teesside and London Gatwick in 2024.
The brand extended its partnership with M&S and now operates in 20 locations, which contributed to a 19% rise in third-party sales. It also launched across new international markets, and now has wholesale operations in New Zealand, the Czech Republic, and the USA.
Jenkins continued: “We have continued to create unique, high-quality products that our loyal White Stuff shoppers love, and we have also introduced our brand to many more new customers through store openings, expanding into new markets, and growing our presence in third-party partnerships.”
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