Weak Pound Affects Profits at The Range

The Range has reported on trading for the year ended 28th January 2018.

Documents filed at Companies House show that turnover reached £869m in the reporting period, up from £764m in the previous year.

The Range said that a fall in the value of sterling against the US dollar was responsible for a reduction in consolidated profit after tax, which was down 22% to £42.6m. 

The Range opened 19 new stores during the year and a further 11 opened since the end of January.  

The report shows that a dividend of £14m was paid to the directors, who are Chris Dawson and his wife, Sarah Dawson. In 2017, the dividend was £100m.

In an interview with The Times published over the weekend, Chris Dawson said that the business would not float on the stock market - as rumoured in January 2018 - as conditions were 'crap'.  

In August 2018, The Range and Iceland confirmed they had entered into a strategic alliance that will introduce Iceland’s food offer into The Range’s home, garden and leisure stores.

In the Companies House documents, Mr Dawson said that he anticipates significant growth in sales from continuing operations in 2018/19.

Source : Insight DIY Team

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