Boden reports strong sales growth of 13 percent

JP Boden Holdings Limited, in its financial results statement for the year to December 2017, said that the group sales rose 13 percent or 9 percent at constant currency to 347.1 million pounds (448 million dollars); driven by increase in number of customers alongside better average spend per customer. The company’s pre-tax profit reached 27.3 million pounds (35.2 million dollars) compared to 26.2 million pounds (34 million dollars) with positive gross profit margin performance.

Commenting on the results, Jill Easterbrook, Boden’s Chief Executive, said in a statement: “We made strong progress last year and were delighted with the results achieved. 2017 saw a year of considerable investment and this will continue for the next few years. The investment programme will provide us with a solid platform as we build Boden into an international multi-channel retailer.”

Financial highlights of Boden’s FY17 performance

The company witnessed a 14 percent increase in first time Boden customers during 2017 delivering record number of active customers across international markets. The company added that expansion into other distribution channels provided positive foundation with contributions from Kings Road retail store and concessions with John Lewis Partnership. Overall, the performance was driven by strong womenswear collections.

Boden said that 2017 was another year of significant investment in people, new distribution channels, a new warehouse in Leicester and head office development which completed in 2018.

The company plans to continue its major investment programme into 2018/19 in redevelopment of website infrastructure to provide new digital platforms with greater flexibility and continued development of new routes to growth in retail, wholesale and partnerships. New company-owned store openings in the UK included Westfield (White City) in May 2018 and launch of childrenswear with John Lewis in Q1 2018 along with introduction of womenswear with Nordstrom in the US.

The company said that it has also witnessed a strong first half of 2018 with sales up 12 percent driven by all markets performing ahead of last year. Boden added that significant investment in 2018/19 is likely to have impact on profitability in the short term.

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Picture:Boden website