Fashion, homeware and furnishing shopping destination group, Boundary Outlet Stores, has reported another surge in sales as turnover climbed to almost £30m.
According to its latest filed accounts for the year ended 31 January 2023, total sales rose 33.4% to £29.5m from £22.1m in 2022. This growth followed on from its 70% sales increase from £13m in 2021. Pre-tax profit resulted at £2.4m, slightly down from its profit of £2.6m recorded the previous year.
Stated within its report, Libra Textiles, trading as five-store Boundary, said it saw confidence return from consumers during November 2022 at the start of Black Friday when trade then “really accelerated through to Christmas” and into 2023 following the lull due to ongoing Covid impacts and the Ukraine war.
“The company has been able to maximise its position within the outlet market through building new and exciting partnerships with new concession partners as well as developing relationships with existing business partners,” Libra said.
“This has, in combination with the cost review exercises of 2020, resulted in the business posting a profit after tax of £1.5m despite the challenging times previously mentioned. We would like to thank all our colleagues for their contribution during the year, and for their hard work in developing this business for the future.
“We continue to focus on our customers, whom we value and whose loyalty we respect. We constantly seek improvements in the service we provide and the products we offer to make sure that our customers are delighted and will return to our stores.”
During the period, the company continued to invest in the business, including refurbishments at Newcastle and Sheffield stores.
“Over the next year, it is hoped that there will be more political and economic stability. Our business model remains strategically relevant today, and we are very well positioned to capitalise on opportunities that present themselves,” the company added.