British retailer Oliver Bonas increased its profit after tax by more than 150% in the year to 31 December, recording £4,090,876. Sales grew by 14% on a like-for-like basis, which the company attributed to the growing appeal of its own-brand product and the dedication and work of its staff following the adoption of the Living Wage.
In the 13-month period, Oliver Bonas opened 9 new stores and closed 2, totalling now 57 stores in the UK. The British company also operates a transnational website, which it said made a “meaningful contribution” to its annual results.
The business will continue to emphasize its in-house designed fashion, accessories, homewares, furniture and gifts ranges. Indeed, 62% of all sales in 2015 were own-brand product, up from 54% in 2014. This year, the retailer continues to invest in the area as it expects the trend to persist.
Despite the uncertainty related to Brexit and the rising cost of supplies, the retailer said it expects the fall of Sterling to boost its online overseas sales and purchases made by tourists visiting the UK.