Go Outdoors revenues halve as operating costs bite
According to filings on Companies House, sales still increased by 7% to £338m, due to consumers buying in-store
Go Outdoors profits almost halved from £21.5m to £13m for the year ending 28 January 2023.
The retailer of outdoor clothing and equipment attributed this decline in profits to property, utility and freight costs, which “increased disproportionately” during the financial year.
However, according to filings on Companies House, the performance comes despite sales having increased by 7% to £338m, due to consumers buying in-store.
The company also increased the number of UK stores from 68 to 86 during the period. The store openings came as the JD Sports-owned retailer revealed plans last year to open more stores to take advantage of the demand among Brits to spend time outside.
During the period, Go Outdoors experienced heightened demand for products related to activities such as camping, hiking, cycling and fishing, which increased for the first time since 2019.
