LDO reports sales up 17% to £19.7m in Q1 2023
It said its revenues in the quarter were boosted by a particularly strong two week Easter holiday sales, reaching over £5m for the first time
London Designer Outlet has reported that its sales reached over £19.7m– an increase of 17% in Q1 2023 compared with the same period in 2022 and 5% on pre-pandemic levels (2019).
It also recorded its “strongest ever” April, where sales grew to £8.6m, representing a £1.2m increase on the year before and a substantial percentage increase of 16% compared with 2022 and 17% compared with pre-pandemic-levels
It said its revenues in the quarter were boosted by a particularly strong two week Easter holiday sales, reaching over £5m for the first time.
Additionally, during Easter, the average transaction value (ATV) was up 14% on pre-pandemic levels, whilst it was up 15.4% when looking at the first quarter of 2023 versus the same quarter in 2019.
The shopping outlet reported an increase in ATV because over the last year, LDO has seen a myriad of brands choosing to upsize and upgrade their offerings in the centre, bringing new flagship concepts from the likes of Adidas, Nike, Calvin Klein and Tommy Hilfiger alongside the arrival of new premium brands such as The Cosmetic Company Outlet.
The results mark the fifth consecutive month of record growth for the shopping destination, which celebrates its 10th year of trading this year.
Matt Slade, retail director at Quintain, said: “As we approach the LDO’s 10-year anniversary in October, it is encouraging to see that the latest trading results are the strongest we have ever achieved. A true demonstration of the resilience of the outlet model, as well as to the success of the work we have been doing in recent years, bringing bigger and better stores to the centre and introducing a host of new brands.”
Daniel Tomkinson, general manager of London Designer Outlet, added: “It is testament to the ubiquity of the LDO that so many of our original brands still successfully trade at the centre a decade on. But, the LDO you see today is a completely different centre than the LDO of 10 years ago.
“Over the last decade, the outlet proposition has changed immensely – from factory-style outlets where brands were offloading overstocked and end of line goods to state-of-the-art shopping destinations where families visit not only for great deals, but for a day out experience that is much more akin to the experience customers might expect from full-price stores.”
He concluded: “This is a transformation that LDO has been at the forefront of in the UK. From being the first shopping centre to offer Dropit, to the plethora of brands that have chosen the LDO to open their first UK stores and concepts, LDO has continuously innovated to serve its guests needs. Looking at the strong results we have been achieving following the pandemic, and not least since December last year, it is clear that this transformation has resonated well with consumers who continue to visit and make bigger, better purchases with our brands.”
