The White Company, renowned for their cosy robes and elegant bed linens, remains “cautiously optimistic” after reporting profits were up by 4% to £33.5 million for the year ending 29 July 2023.
After taking account of the fair value movements on FX contracts and exceptional items, the overall group operating profit was £31.9 million, down by 3% compared to the year prior.
Group turnover stood at £289.3 million, up by 4%. The sales performance was driven by a strong performance from stores as customers continued to return to the high street, although this was partially at the expense of online trade.
During the year, The White Company expanded its presence in Glasgow and opened its second small-format trial in Marlborough. Based on the success of this trial, it will be rolling the concept out further in the coming financial year. This brings the total number of stores in the UK to 64 including 11 concessions.
Mary Homer, former CEO, said: “I am pleased to announce that we have concluded another year demonstrating continued growth both in turnover and underlying operating profit. In a year when the economic climate remained challenging, this is a credit to all the team that work for the business.
“Our strategy for continued growth both in the UK and internationally is our focus, with continued investment in our digital transformation, stores and our IT infrastructure. But, equally important is our investment in our people and our culture, as this is crucial to our continued success.”
Paula Nickolds, in-coming CEO, added: “I am delighted to join such a fabulous business with so much future opportunity. The White Company is strongly positioned for continued growth, and we remain cautiously optimistic despite an uncertain economic climate.”
