Department store group continues sales growth

Independent department store chain Bradbeers has reported a growth in turnover as total store sales jumped by more than £5m year-on-year.

According to its latest filed accounts for the year ended 29 January 2023, total sales rose 24% to £25.3m from £20.4m in 2022, adding to its prior year’s growth of 45.7% from £14m in 2021. Concession sales stood at £3m, up from £2.3m.

When excluding concession sales and VAT on own trade sales, total turnover resulted at £18.7m, up 22.2% from £15.3m. Pre-tax profit resulted at £2m, significantly improving from its profit of £0.8m compared to the previous year.

Stated within its report, the company said that trading continued to be strong, while it also completed the sale of one property within the group in July 2022 at a “competitive yield”. “The proceeds of this sale were partially used to repay the development loan,” the company added.

Earlier this year, Bradbeers confirmed plans to open a new store in Salisbury, taking over a former Debenhams store on Blue Boar Row, which has been vacant since 2020.

Bradbeers expects to open at the site during October later this year with refurbishment works currently ongoing.

“This store will feature new brands and demonstrates the board’s commitment to high street locations,” the business said.

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