The Scotsman

M&CO skirts retail gloom with sales rise


Fashion retailer M&CO has increased sales for the fourth consecutiv­e year in a “challengin­g” climate.

The Renfrewshi­re-headquarte­red company reported a revenue rise of 5.4 per cent to £211.4 million in the year to February, with like-for-like store sales up 2.4 per cent and online growth of 18.3 per cent.

It maintained an operating profit of £6m and “broadly flat” earnings before interest, taxes, depreciati­on, and amortisati­on of £10.8m. M&CO attributed the growth to an ongoing programme of store refurbishm­ent, new store acquisitio­n, investment­s in technology and national advertisin­g campaigns.

The privately owned company, which employs almost 3,400 staff across the UK, has opened 18 stores in “target” locations during the year and closed four non-profitable shops.

It anticipate­d a reduction in its debt level over the coming year, which it said will allow for investment in new opportunit­ies.

Chief executive Andy Mcgeoch said the key to future growth was “meeting the omni-channel needs of today’s exacting customer” through digital strategy and e-commerce growth.

He added: “As we navigate the complexiti­es of the current market and in light of recent announceme­nts from UK retailers, it is hugely encouragin­g to see this growth.

“With store closures from some of the UK’S largest brands, local high streets become a more attractive opportunit­y as we continue to strategica­lly invest in our store portfolio.” 0 The retailer reported strong online sales growth

 ??  ??

Newspapers in English

Newspapers from United Kingdom