Oliver Bonas profits fall to £6.8m amid high inflation
During the year the company opened seven new stores and relocated the size of eight more, ending the year with 85 stores
Oliver Bonas profits dropped to £6.8m for the year ended 31 December 2023 as the company struggled with growing interest rates and high inflation.
Although profit before tax fell 5%, EBITDA rose by 11%. Turnover for the company was also up 18% to £136m.
In addition, on the digital side, the company reported a “significant increase” in all the websites, which was attributed to “less disruptions” across the peak period.
During the period the company opened seven new stores and relocated the size of eight more, ending the year with 85 stores.
In 2023, the brand remained committed to supporting a variety of charities, including Skills Builder Partnership, AKT and Bloody Good Period as well as remaining committed to reducing the business’ environmental impact.
The brand has carried out a baseline assessment of all three scopes of its emissions and is looking to use this baseline report in 2024 to identify targets and objectives for the future.
In a statement on Companies House, the retailer has stated that growth in Q1 2024 was “much stronger than expected” and that during the year ahead it will continue to invest in new stores, relocations and refurbishments as well as its websites.
