Fashion, homewares and furnishings retailer Joe Browns has reported a growth in sales as turnover climbed towards £50m.
According to its latest filed accounts for the year ended 30 June 2022, total sales rose 21% to £47.2m from £39m in 2021. Pre-tax profit resulted at £5m, up from £4.8m recorded the previous year.
Stated within its report, the company said that mail order sales rose by £6.1m, while retail and wholesale increased by £1.6m and £500,000 respectively.
“The increase in turnover came from additional marketing and a strong performance from the Company’s marketplace partners,” Joe Browns said. “The continuing recovery from Covid-19 also helped to increase turnover. This was especially true in the retail stores, which saw a full year of trading following shutdowns.”
The company said margin stayed at 61%, while marketing costs increased by £2.9m as the company continued to invest in new customer recruitment.
Sales in the UK were up 20% to £46.1m from £38.1m, while EU revenues increased to £930,000 from £864,000. Sales outside the EU rose from £122,000 to £215,000.
Earlier this year, Joe Browns announced a £2m investment at its warehouse in Leeds, which will support both its growth ambitions and increase efficiency through the installation of a 110m conveyor system and racking that will build on its existing pick face efficiency.
It will allow deliveries into the depot to be picked directly on arrival, further reducing delivery times to customers and third party partners, which include the likes of The Very Group, Next and N Brown Group as retail partners.