Retail group grows sales and returns to profit

The parent company of furniture and homewares retailer Ponden Home has reported a growth in sales and a return to profit.

According to the latest filed accounts for Purepay Retail Limited, which trades through The Edinburgh Woollen Mill, Ponden Home and Bonmarche, ended 25 February 2023, total sales rose 59.4% to £195m from £122.3m in 2022.

Pre-tax profit resulted at £3.7m, improving from its loss of £11.1m recorded the previous year.

Stated within its report, the group said: “During the period, the group has focussed on the development of its store estate. Despite the challenging high street trading environment, the group has continued to open new stores where the financial justification is compelling and good quality, retail, locations have become available.

“In parallel, the group’s normal practice of tight management over under-performing stores has continued an this has resulted in a number of store closures and recovery plans being implemented at a small number of other stores.”

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