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The owners of Edinburgh Woollen Mill (EWM), Bonmarche and Peacocks, have revealed that all three brands have returned to profitability.
Purepay Retail said that Bonmarche and EWM delivered turnover of £195m for the year to February 2023, while operating profit increased to £8.07m, up from a loss of £19.3m the year prior.
It comes as Purepay said its strategy for both brands is centred on the “often neglected” 50+ market, with Bonmarché catering for “fashion and value-conscious women within the sector and Edinburgh Woollen focussed on “casual classics”.
During the period, the brands also focussed on the development of the store estates and websites. Despite the challenging high street trading environment, Edinburgh Woollen Mill increased the store footprint to 191 from 183 in the period, continuing to prioritise market towns, increasing store numbers in key UK tourist locations and expanding with trusted garden centre partners. Bonmarché increased even more significantly, growing from 175 stores to 201.
Meanwhile, Peacocks, trading as Anglo Global Property Limited, also returned to profitability, having generated turnover of £238m and an operating profit of £14.65m for the year to February 2023.
CEO Steve Simpson: “At Edinburgh Woollen Mill we have sought new store locations that tap into tourists and staycationers attracted by our leisurewear and heritage aesthetic. At Bonmarché we have continued to reward devoted customers through our new loyalty programme and more frequent updates and choice in the range. Our programme of store acquisition continues as we see opportunities on high streets across the country, as well as further developing our ecommerce platform.
“In the last two years we have been focused on a strategy of offering our customers exceptional quality and value for the whole family. With the backdrop of a cost of living crisis we have been committed to offering our customers even better products than we have done before, still at low prices.”
He added: “We have welcomed into the Peacocks family our stylish celebrity ambassadors Louise Rednapp and Michael Owen. Their style credentials have resonated strongly with our customers and helped improve our style perception, delivering strong growth in their ranges across ladieswear, menswear and lingerie. As we celebrate our 140th year we remain focused on expanding our product offering to our valued customers.”
