Home, garden and leisure retailer The Range has reported a growth in sales as profit declined.
According to its latest filed accounts for the year ended 30 January 2022, total sales rose 4.4%, or by £59m, to £1.4bn from £1.3bn in 2021.
Gross profit decreased from £507m to £465.8m, while pre-tax profit resulted at £117.5m, down from £180.6m recorded the previous year.
Stated within its report, the group said that sales growth was driven by the lifting of restrictions after the Q1, allowing new store openings to increase towards pre-pandemic levels. During the period, 17 new stores were opened.
The reduction in gross profit was due to increases in costs of goods, shipping and transport costs, as well as ‘unprecedented challenges’ to supply chain. The Range also incurred one-off high rent and demurrage costs of £56m.
Looking ahead, the group expects sales to continue to grow and will expand its footprint further with four stores already opened post-period end.