The Daily Telegraph

Mountain Warehouse defies retail gloom as profits climb

- By Ben Woods

MOUNTAIN Warehouse has defied the gloom engulfing the retail sector, bolstering profits and creating 300 jobs.

Chief executive Mark Neale has boosted his workforce after rolling out 25 stores and chalking up a 35.6pc rise in pre-tax profits to a record £26.6m for the year to February.

The outdoor clothing retailer has pencilled in a further 40 stores for 2018-19, which could create up to 500 more jobs.

Mr Neale said he did not “subscribe to talk about the death of the high street” and has faced stiff competitio­n for sites as the company expands.

“We have got a list of 50 towns where we would like to be, but it’s pretty difficult to find an empty shop where we would like to trade from,” he said.

“Where we are looking to get shops that have been vacated by other retailers, there have been situations where we have been gazumped.

“We have been in situations where it has gone to best bids. It is not quite as doom and gloom as you might assume from the narrative.”

Mountain Warehouse, which has enjoyed a rapid ascent since launching in Swindon 21 years ago, rung up a 22pc rise in sales to £225.3m. Efforts to “weatherpro­of” the business by pushing into running and cycling kit, alongside summer clothes for children, helped boost like-for-like sales by 14pc.

While many high street retailers endured torrid trading during the freak cold snap in February and March, the business enjoyed a surge in demand for rain jackets and coats.

“We always like a bit of weather at Mountain Warehouse,” Mr Neale added. “There was a time when the sunnier period would not have been that good for us. But one of the reasons we have year-on-year sales growth is because we have expanded the range into these other areas. Our active ranges of running, cycling and yogatype products have all performed well.” ♦ Online retailer Asos has launched a search for a new chairman to replace Brian Mcbride and is holding interviews for the post, according to reports last night, Sky News said that the process was being led by headhunter Russell Reynolds.

 ??  ?? Mark Neale, the chief executive of Mountain Warehouse, has hailed the retailer’s expanded range
Mark Neale, the chief executive of Mountain Warehouse, has hailed the retailer’s expanded range

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