Ann Summers profits hit £61.8m in FY23
The lingerie retailer has attributed its performance to in-store sales growing by 12% year-on-year, as more consumers returned to the high street post-pandemic
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Ann Summers has reported that gross profits for the 53-week period to 1 July 2023 hit £61.8m, spelling a 3% rise on the £60m reported in the prior year.
The lingerie retailer has attributed its performance during the year to in-store sales growing by 12% year-on-year, as more consumers returned to the high street post-pandemic.
During the year, Ann Summers also expanded its third-party partnerships by adding Debenhams as a stockist. It also launched a Valentine’s Day partnership with Deliveroo in February.
As a result, turnover at the high street brand also increased 4.5% to £104.6m during the year.
The retailer’s trading performance was also supported by a small expansion of its store portfolio, which included four new openings in Chelmsford, Croydon, Buchanan and Brent Cross.
According to the retailer, it experienced particularly robust trade in H1 thanks to Halloween within its ‘role play’ product range selling well. However, it also noted that H2 was impacted by inflation, which has negatively impacted profitability across the year.
Nevertheless, Ann Summers has plans for further openings, refits and relocations as it looks to grow its retail footprint in key locations.
Earlier in January, the company secured £8m in funding from asset-based lender Secure Trust Bank Commercial Finance (STBCF).
Maria Hollins, CEO of Ann Summers, said: “This financial year has been one of great personal and professional sadness for the Ann Summers business following the passing of two key members of our family-owned business: former shareholder, David Gold, and Jacqueline Gold CBE. The loss of Jacqueline has been immeasurable to us and our colleagues, but we, with the support of Vanessa Gold our executive chair, remain determined to continue her legacy and ensure the growth and success of Ann Summers for the future.
“Despite the challenges the year presented the business, turnover continued to grow year on year, a direct result of our clearly defined commercial business strategy and the continued investment in our business. We remain excited by the opportunities ahead of us.”
