Office sees profits top £100m amid improved trading and new stores

Footwear retailer Office has seen its full-year pre-tax profits more than double to £102.4m as it experienced better trading conditions and expanded its store estate.

According to its latest accounts filed with Companies House, its revenues for the 52-weeks ended 30 June 2024 increased to £294.3m, up from £265.4m the previous year. It also reported that EBITDA increased from £59.2m.

It comes as it said that trading conditions improved amid a resurgence in consumer confidence with branded footwear being a “resilient” category despite pressures on consumers’ disposable income.

Throughout the period the group invested in its store development programme adding eight new stores to its portfolio and closing three. At the end of the financial year, the group operated 75 stores, up from 70, and 11 concessions across the UK and the Republic of Ireland.

The Office board said in the accounts: “Economic growth forecasts for the UK have been raised for 2025, with the retail sector expected to experience tailwinds from improving sentiment, age increases again outpacing inflation, the prospect of further interest rate relief and the sustained low inflation environment.

“Office will continue to leverage its strong relationships with the world’s leading footwear brands, its loyal customer base across the Office and Offspring brands and ongoing investment in digital marketing. Growth in the year ahead will be driven by a strong online presence and the expansion of the Office store portfolio through new store openings and the remodelling and extension of existing stores in strategic retail locations.”