Lakeland invests in new stores as profits rise

Lakeland, the family owned retailer of kitchenware and other home-related products, has posted a hike in sales and profits.

The Windermere-based company, which has more than 50 stores nationwide, and also sells via catalogue and online, saw 2010 turnover rise 4.3% to £147.9m.Profits in the same period rose around 5% from £10.1m to £10.6m.

During 2010, Lakeland, which is run by managing director Sam Rayner and his brothers William and Julian, continued to expand the retail portfolio, investing £8.1m in openings and refurbishments - £2m more than in the year before.

New shops opened in Cheltenham, Belfast, Epsom, Kingston, Meadowhall near Sheffield, Witney and Llanelli.

In his review of the year Sam Rayner says the directors are "confident about the prospects for 2011" with a further six stores due to be opened in the first half of this year.

"Uncertainties still remain with regards to the UK economy and how this will impact the retail sector. However the directors believe that growth opportunities exist and the business is well-placed, with a strong balance sheet to capitalise on these opportunities."

During the year, the company founded by the directors' father, Alan, paid a dividend of £1.9m, compared with £1.5m in 2009.

Source : Chris Barry – TheBusinessDesk.com
www.thebusinessdesk.com/northwest/news/227979-lakeland-invests-in-new-stores-as-profits-rise.html