Despite a 10% loss in sales its last financial year, revenues still represented a 26% rise on The Range’s pre-pandemic levels, with a 17.3% jump in like-for-likes, in the year to January 2023. In its current year, sales are back in growth with like-for-like gross profit up over 4% and The Range expects profits to exceed pre-pandemic levels this year.
The Range CFO Jamie Messham said: “Sales vs pre-pandemic levels are very encouraging and reflective of a loyal and diverse customer base.”
“The business enters the last three months of the year, full of optimism and ready to deliver a strong Christmas offering in what is traditionally our busiest trading period of the year.”
The Range chief executive, Alex Simpkin, said: “The FY 23 results are reflective of a period that ended nine months ago and during which, significant operational challenges arose for many in the retail sector; primarily related to the fallout from Covid and the Ukrainian conflict.
“Since the period end, The Range has invested in constructing a new 1.2 million sq ft distribution centre in Stowmarket, with completion taking place on the 6th November 2023.
“This will provide the business with a best-in-class facility to service its distribution and capacity requirements and meet its ambitious expansion plans.”
The Range snapped up the Wilko brand in September and relaunched Wilko.com in four weeks following the acquisition. It has now introduced Wilko products into The Range stores and revealed earlier this month that it would open three stand-alone Wilko stores ahead of Christmas. Simpkin promised more Wilko store openings in 2024.
“This acquisition will further complement our existing multichannel offering as we strive to provide customers with high quality goods, at great value. The group is in a strong position to deliver on its ambitious growth plans, and we head into our Christmas period with an exciting range that we know that our valued customers will love.”