Oliver Bonas has created nearly 200 jobs during its latest financial year, thanks to a surge in sales and the opening of new stores. The Chessington-based retailer reported a turnover of £135.7m for 2023, a significant increase from £115m in 2022. The company’s workforce also grew from 1,357 to 1,553 employees as part of this expansion.
Known for its fashion, homeware, furniture, and gifts, Oliver Bonas operates 84 stores across the UK and one in the Republic of Ireland. During the year, the company opened seven new stores and relocated or expanded eight others, contributing to the £20m jump in sales. UK turnover rose from £122.1m to £132.7m, while sales in Europe saw a smaller increase, going from £2.40m to £2.45m.
International Sales See Modest Growth
The company’s sales in the rest of the world also experienced slight growth, with turnover increasing from £521,470 to £547,232. Despite these successes, Oliver Bonas reported a slight dip in pre-tax profits, which decreased from £9m in 2022 to £8.6m in 2023.
Resilience Despite Economic Challenges
The retailer acknowledged the challenges posed by the economic climate in 2023. A statement from the board noted, "We entered 2023 with inflation at 10.5 per cent in the UK and an economy barely growing." Rising interest rates and a technical recession in the latter half of the year further strained consumer spending.
However, Oliver Bonas highlighted one positive aspect: wage growth. Despite subdued consumer spending, the company maintained its commitment to a multichannel approach, achieving positive sales growth both in-store and online.
With its continued expansion and solid sales growth, Oliver Bonas remains a significant player on the UK high street, providing employment opportunities and adapting to the evolving retail landscape.
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