Department store retailer delivers strong year

Independent department store retailer Elys of Wimbledon, part of the Morleys Stores Group, has reported a growth in sales as turnover surpassed £30m.

According to its latest filed accounts for the year ended 28 January 2023, total store sales rose 29.3% to £31.3m from £24.2m in 2022. Concession sales amounted to £10.7m, up from £8.3m.

Pre-tax profit resulted at £2.3m, up from £2.1m recorded in the previous year.

Stated within its report, Elys said: “2022/23 has seen a continuation of the recovery in trade following the severe disruption and closures faced in previous years due to the impact of the Covid pandemic.”

Gross profit margin resulted at 42.55%, only slightly down from 42.72% the prior year. Year-end net assets stood at £4m, down from £5m.

Morleys Group is a chain of independently owned department stores operating in the South East under a variety of different fascias including Morleys (in Brixton and Tooting), Roomes of Upminster, Pearsons of Enfield, Elys of Wimbledon, Selbys and Camp Hopson.

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