Office doubles operating profit, directors gain big

Footwear chain Office has managed to double its operating profit to 56.9 million pounds (88 million dollars) for the year ended January 25, 2015. The company’s directors - Chief Executive Brian McCluskey, Chief Financial Officer Emily Tate and former CFO Ian Findlay, too bagged 61.3 million pounds (94.8 million dollars) in dividend after no payout announcement in 2014.

The company’s turnover increased 5.5 percent to 270.2 million pounds (418 million dollars) and like-for-like sales rose 1.2 percent for the fiscal year. Sales from the UK and Europe increased 4.8 percent and 22 percent respectively, however, rest of the world segment witnessed 11 percent decline. EBITDA before exceptional items increased 15 percent.

The company also said that gross margins improved to 49.8 percent from 47.9 percent in 2014 and it invested funds in improving the website design and functionality along with launching a new mobile site during the year. Office opened doors to nine new stores, while two were relocated.

In the first quarter of 2015, Office launched its first international website in Germany along with a store opening in Wiesbaden and also launched Click & Collect within all of its UK, Irish and German standalone stores. The company currently operates 153 sites globally consisting of 99 standalone stores, six offsprings and 48 concessions in Selfridges, Topshop and House of Fraser.