White Company increases profit and sales and remains "optimistic"
Fashion and furnishings retailer The White Company saw profits and sales increase slightly last year and remains “optimistic” despite incurring higher costs during a relocation of its main distribution centre.
The privatively owned business founded by Chrissie Rucker, which has its HQ in the former BBC TV Centre at White City, reported a 4% rise in operating profit to £33.5 million in the year ending July 2023. However, after one-off adjustments profits were slightly down at £31.9 million.
Turnover was £289.3m: up 4% on the previous year, which was described as “a positive outcome against the backdrop of the challenging economic conditions experienced throughout the year.”
Since the end of the financial year “we have opened five more stores, all of which are performing ahead of expectation.”
The move of the the distribution centre to a new facility in Corby “will entail a period of increased costs as we run two operations for the duration of the transition.
Outgoing CEO Mary Homer, said: “I am pleased to announce that we have concluded another year demonstrating continued growth both in turnover and underlying operating profit.
In a year when the economic climate remained challenging, this is a credit to all the team that work for the business.
Our customer and staying true to our purpose always remain at the heart of everything we do, alongside providing both
product and service that exceeds expectation.
“Our strategy for continued growth both in the UK and internationally is our focus, with continued investment in our digital transformation, stores
and our IT infrastructure. But, equally important is our investment in our people and our culture, as this is crucial to our continued success.
I am also very proud to announce that since the end of this financial year, after a very rigorous assessment, we have achieved B Corp certification. This demonstrates our ongoing commitment as a business to helping build a better future.”
Incoming CEO Paula Nickolds, the former managing director of John Lewis, said: “I am delighted to join such a fabulous business with so much future opportunity. The White Company is strongly positioned for continued growth, and we remain cautiously optimistic despite an uncertain economic climate.”
