Turnover Exceeds £1bn At The Range

The Range has reported on trading for the year ended 2nd February, 2020, revealing that turnover has exceeded £1bn for the first time.

Accounts filed at Companies House show a turnover figure of £1,001 million, up 6% from £945m in the year ended February 2019.  The home goods retailer said the increase was driven primarily through the opening of 20 new stores - bringing the store network to 181 - during the reporting period.

Gross profit increased by 9%, compared with 8% in 2019; boosted by the rise in turnover and maintenance of fixed costs.  However, consolidated profit after tax was £34.2m, down from £57.6m in 2019; the figure materially impacted by the costs associated with the adoption of IFRS 16, reported as £12.7m, as well as year-on-year movement of derivative financial instruments.

No dividend was paid during the period.

The documents show that The Range anticipates "further significant growth in sales from continuing operations", and noted that most of its stores had remained open amid the Covid-19 crisis, protecting the business from "the wider impacts of the worldwide pandemic".

The Range said it plans to continue expanding its network of stores across the UK and Ireland, and is increasing its online presence.  Further investment into stores, including refitting with food and kitchen offerings, is also set to continue.

The Jonas & James kitchen brand launched in The Range in December 2019, initially with showrooms in its flagship Derriford branch and Liverpool's Edge Lane store.

Source : Insight DIY Team

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