Oliver Bonas sees jump in profits, sales in 2022

Oliver Bonas saw profits jump 35 percent last year as it recovered from the pandemic and the knock to sales it suffered from months-long store closures.

The British fashion and lifestyle retailer generated a profit after tax of 7.63 million pounds in the 12 months to December 31 2022, up from 5.65 million pounds a year earlier.

It marked the first full year that all the company’s stores were open again since the outbreak of the pandemic.

The retailer also grew its workforce by 20 percent, expanded its office and warehouse space across three locations, and opened eight new stores during the year.

Oliver Bonas said a number of factors, including the cost-of-living crisis, high inflation, and supply chain pressures stemming from Russia’s war in Ukraine, meant the company’s outlook was “not good”.

However, trading remained “resilient”, and the company’s sales for the year jumped 24 percent to 115 million pounds.

It said online sales marginally dipped following “stellar growth” during the pandemic, while store sales rose as consumers returned to in-store shopping.

Looking ahead, the retailer said things are looking “slightly brighter” as inflationary pressures ease.

It said it will continue with its store opening programme through a mixture of new stores and relocations, while also focusing on its website and user experience.