Edinburgh Woolen Mill celebrates strong figures with new 100 openings

Edinburgh Woollen Mill Group, parent group to The Edinburgh Woollen Mill and Peacocks brands, will celebrate strong sales and record profits with the opening of 100 stores in the next two years.

The group has recorded strong underlying like-for-like sales across its brands in the year to February 28, 2015. Total sales at the group – which opened a total of 71 new stores in the UK and Ireland during the period – had increased to over 562.6 million pounds, with profits before tax rising by 28 percent to 91.2 million pounds.

Earnings before interest, tax, depreciation and amortisation (EBITDA) also improved, adding 16 percent to 100.9 million pounds.

The group is confident that its debt free and strong balance sheet meant it was in a good position to continue its strong performance to date, despite increased competition and a growing squeeze on consumers’ disposable income.

Steve Simpson, Group Commercial Director of Edinburgh Woollen Mill Group, said: “Each of our brands has its own core focus, but they are united in their determination to reward strong customer loyalty with excellence in quality, value for money, and customer service. Whether they are cost-conscious mums looking for family fashion or discerning shoppers seeking a more timeless sense of style, our customers know they can rely on us to deliver what the quality they want, at the price they want, both on the high street and online.”

Brand by brand, The Edinburgh Woollen Mill delivered solid like-for-like sales, despite the slightly reduced total sales of 166.2 million pounds, somewhat behind the 168.5 million pounds it registered a year ago.

Online sales grew by 15 percent. Simpson added: “Edinburgh Woollen Mill was already a category leader in over-40s fashion, and further broadening its demographic will only help it to continue its growth, both here in the UK and overseas.

Meanwhile, Peacocks saw sales grow by 8 percent to 351.7 million pounds in the period. Online sales rose by 62 percent. “Peacocks, meanwhile, is benefiting from a truly omni-channel approach comprising online, mobile and high street, as well as out of town stores and concessions. “While this has helped boost sales across both brands, control of sourcing and input prices has helped deliver strong margin growth,” explained the CEO of the group.

“As well as opening more than 50 stores during the current year, we are now actively looking for new sites both here in the UK and overseas with a target of opening a further 100 new stores in the next two years,” advanced the company.