A prominent British retailer experienced a drop in profits for the year ending December 31, 2023, as the fashion and lifestyle brand grappled with rising interest rates and inflation. Profits fell to £6.8 million, down from £7.6 million the previous year. Despite the profit decline, sales grew by 18%, reaching £136 million. This marked a contrast to the previous year when profits surged by 21%. The company, Oliver Bonas, acknowledged the difficult economic environment of 2023, citing 'subdued discretionary consumer spending' as a key challenge.
Photo: Oliver Bonas.
Despite these headwinds, Oliver Bonas continued to invest in its retail presence, opening seven new stores and expanding or relocating eight others. The brand remains committed to its multichannel strategy, emphasising future investments in stores, refurbishments, and its online platforms. Looking ahead, the retailer expressed optimism, noting that 'things are slightly brighter' in the new year, despite the challenges of the previous financial period.
Source: www.retailgazette.co.uk