Sales Surge At The Range

The Range has reported on annual trading for the year ended 31st January 2021, advising of a surge in sales to £1.35 billion, compared with £1 billion in the previous year.

In accounts filed at Companies House, The Range said that the 35% increase in turnover was driven by its classification as an essential retailer during the pandemic and helped by a full year of trading for the 20 new stores that opened in the previous year.

Gross profit increased by 24% compared with 9% in 2020, on the back of the existing store portfolio returning higher sales while while largely maintaining a fixed cost base.  

The Range said that profit generated in the trading period would be used to invest in future growth and create a further 2,700 jobs in the following twelve months.

Consolidated profit was impacted by the year-on-year movement of the derivative financial instruments; a £2.4 million gain in the period compared to a £4.9 million loss in the prior period.  The Group benefited from the government rates holiday during the period, and said that the funding offset the costs involved in ensuring a covid-secure shopping experience.

During the period, The Range paid back a £71.5 million loan, and ended the year with net current assets of £274 million (compared with £180 million in 2020) and net assets of £408 million (2020: £271 million). 

During the course of the year, five new stores were opened and 1,747 jobs were created.

In the months since the end of the trading period, The Range said that it had continued to trade strongly and expected to maintain growth, despite supply chain interruption and inflated prices. 

The Range recently opened four new stores in the space of one week, including one in the Republic of Ireland. 

Source : Insight DIY Team

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