The White Company profits dip 1.3%

The White Company has revealed that its profit before tax fell slightly from £32.6m down to £32.2m for the 52 weeks ended 29 July 2023.

However, the company’s underlying profit for the year, excluding exceptional items, rose 4% to £33.5m, up from £32.3m the previous year.

Alongside this, the company’s turnover rose 4% up to £287.2m an increase from the £276.2m it posted last year.

The retailer put this increase down to “strong performance” in stores as customers returned to the high street.

Despite this, the company did note that the increase in in-store sales came at the expense of online sales.

The company has opened five new stores in which it stated were performing ahead of expectations and it is also in the process of moving its distribution centre to Wincanton’s automated facility in Corby.

As a result the company warned that this would cause “a period of increased costs as we run two operations for the duration of the transition”.

Mary Homer, former CEO who stepped down last month, said: “I am pleased to announce that we have concluded another year demonstrating continued growth both in turnover and underlying operating profit. In a year when the economic climate remained challenging, this is a credit to all the teams that work for the business.

“Our strategy for continued growth both in the UK and internationally is our focus, with continued investment in our digital transformation, stores and our IT infrastructure. But, equally important is our investment in our people and our culture, as this is crucial to our continued success.”