Despite profits tumbling at Oliver Bonas in 2023 – £6.8m down from £7.6m the previous year – sales increased by 18% to £136m last year across both the retailer’s physical and online stores, both of which saw like-for like growth.
Alongside high interest rates, high inflation and the ongoing cost of living crisis, which has seen shoppers forced to tighten their purse strings, the gift, fashion and lifestyle multiple has invested in seven new stores, upsizing and re-locating eight and recruiting more staff. Currently, the portfolio stands at 84 stores.
The company said it remained committed to its multichannel approach, and would continue to invest in new stores, relocations, refurbishments and its websites. Director Timothy Hollidge confirmed that the start of 2024 had been “stronger than expected.”
The first Oliver Bonas store opened its doors in West London’s Fulham in 1993, with the retailer celebrating 30 years last September.
Top: Oliver Bonas has seen sales rise but profits fall.
