Go Outdoors swings to pre-tax loss of £1.5m
Additionally, during the period, gross margins decreased to 41.03%, due to the company clearing through prior season stock bought at a higher sea freight cost
JD Sports-owned brand Go Outdoors has reported a pre-tax loss of £1.5m for the 53 week period ended 3 February 2024.
The group attributed its pre-tax loss to a disproportionate increase in costs compared with the previous period due to increased staffing and distribution costs, reflecting national wage changes and increased activity.
However, the company’s turnover increased by 2% from £338.2m to £344.7m due to the additional 53rd week and the increase in net space across the store estate.
Go Outdoors continued to increase the number of stores under the retail banner Go Outdoors Express, with a further 15 stores opening in 2024. Overall the group’s store count increased from 85 to 99 stores.
The group also reported a contraction of its online market which, although above pre-pandemic levels, partially offset the strong sales performance within its bricks and mortar stores.
The group stated that throughout the period there continued to be strong demand for its product range.
Additionally, during the period, gross margins decreased to 41.03%, due to the company clearing through prior season stock bought at a higher sea freight cost.
Looking ahead, Go Outdoors said: “The company will continue to invest in upgrading its existing stores in future years, whilst there are also plans to increase the number of larger Go Outdoor stores.
“The directors remain confident that people will look to maintain a more active lifestyle and that the welcoming and engaging atmosphere in all stores will continue to inspire people to spend more time outdoors. Directors are also pleased with the sales performance of the company during the year, but recognise that more work needs to be done on lowering its cost base and improving its profitability.”
