Ann Summers: Turnover reaches over £100m as lingerie retailer plots store expansion
Lingerie and sex toy retailer Ann Summers said its turnover reached over £100m in the year ending June 2022, as it revealed plans to open more stores across the UK.
The erotic retailer, which has 88 stores across the UK and Ireland, plans to open four or five more stores in 2024, a new filing posted on Companies House shows.
It is the first set of financial results Ann Summers has released since its former boss Jacqueline Gold passed away in March this year, with the company revealing retail sales were up 7.6 per cent compared to 2020 and 5.4 per cent above pre-pandemic levels.
Gross profit also reached £60m, up from £50.9m the prior year as its balance sheet was bolstered by the roll out of more diverse underwear lines and a customer loyalty scheme.
Meanwhile, the group said its operating profit for the year was down to £1.2m compared to £3.5m the prior year, with the group blaming Covid-19 disruptions for the dip.
“2022 was a year of two halves for Ann Summers. We started the year strongly and optimistic that after the disruption the pandemic had caused in recent years, this would be the year that we saw a return to normality,” the company said. “With stores open and footfall gradually returning to the highstreet, it felt like this would be the case.”
It added that profitability was hindered by challenges in its supply chain due in part to increases in the price of freight.
“This was further exacerbated by the Ukraine/Russia conflict which has resulted in cost increases across key operational areas of the business,” it said.