Pretax profits in the 12 months to Dec. 31 were largely flat at Boden, the British online and catalogue retailer, while revenues rose 5 percent, due partly to growth in international markets. The company, which is privately owned, plans to release results Monday.
Revenues grew 5 percent to 278.7 million pounds, or $434.8 million, while pretax profits were 24.4 million, or $38.1 million. All figures have been converted at average exchange rates for the 12 months to Dec. 31. The company said strong sales in the U.S. and Germany contributed to growth, and that 55 percent of sales are now generated outside the U.K. Profits, meanwhile, were impacted by “increasingly promotional conditions” in all markets in which Boden operates, the company said.
The cash position at the end of the year was 38.8 million pounds, or $60.5 million.
“We are pleased with the 2013 results, having managed to grow sales and profits in what remained a difficult retail environment,” said Julian Granville, the company’s chief executive officer. “2014 has started well and we expect further growth to be achieved for the full year. We are particularly pleased with the improvement of sales and margin in the first half of the year.”
First-half sales in the year to June were 6.5 percent ahead of the previous year at constant exchange rates. The company said: “Although management remains cautious given the retail environment continues to be volatile and highly competitive, there are good signs of economic recovery.”
During the last year, the company hired Penny Herriman as brand director to drive global brand development, and formed a dedicated e-commerce team, with online now accounting for more than 90 percent of sales. The company now trades in more than 60 countries worldwide and has more than 1,000 employees across all markets. In August, it launched a dedicated Web site for the Australian market.