More customers and stores boost sales at department group

Department store retail group Boyes has reported a growth in sales as turnover surpassed £90m.

According to its latest filed accounts for the year ended 25 February 2023, total sales were up 4.25% to £93.8m from £89.7m in 2022, adding to its prior year growth of 24.9% from £71.8m in 2021.

Pre-tax profit resulted at £9.8m, up from £9m recorded the previous year. Gross margin remained “steady” at around 40%.

Stated within its report, the company, which operates from 71 stores across the Midlands and Northern England, said customer numbers during the period increased from 11.4m to 11.9m, an uptick of 4.38%.

“This increase is due to the customer base gaining confidence and returning to the high street following the closure periods and additional branches,” Boyes said.

During the year, Boyes opened two new stores in Arnison and Cramlington. “The objectives are to expand the business through the opening of new stores when the right opportunities present themselves. All potential sites are subject to a thorough internal strategic appraisal process,” the company added.

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