Ann Summers hits 100 million pound profit ahead of expansion plans

Lingerie retailer Ann Summers hit a milestone for the 52 week period ended June 25 2022, increasing its turnover from 93.2 million pounds to 100.1 million pounds, largely driven by retail sales.

The news comes as the company unveiled that it had been mulling a UK retail expansion, according to a filing with the region’s Companies House, where it had also reported that retail sales had risen 7.6 percent.

In the filing, Ann Summers’ CEO Susan Hollins attributed the company’s growth to a return to normality following the pandemic and the gradual return of footfall to the British high streets.

However, Hollins noted that there were still challenges – namely that of the Ukraine/Russia conflict, the reinstatement of business rates and supply chain price increases – that impacted Ann Summers’ profitability.

This was reflected by a decline in operating profit, which fell from 3.5 million pounds in the year prior to 1.2 million pounds.

Meanwhile, Ann Summers’ gross profit was on the up, rising from its previous 50.9 million pounds to 60 million pounds, led by the increase in the company’s gross profit margin, which climbed from 54.6 percent to 60 percent.