Bathstore reports rise in gross profit and sales

Bathstore has reported an increase in its gross profit and sales for the year ended July 31, 2016.

Gross profit – Bathstore’s preferred measure – rose from £63.3 million to £70.2m and revenues rose from £124m to £139.2m.

However, earnings before interest, taxes, depreciation and amortisation (EBITDA), showed a loss of £1.4m, compared with a profit of £5.4m a year earlier.

Total comprehensive income saw a profit of £15.9m, compared with a £0.3m loss in the previous year.

The total number of Bathstore branches reached 176 by the year-end, including four concessions in Next and 29 franchises.

The retailer also reported that trading conditions were toughening.

It said: “The group saw a positive start to the new financial year. However, since March, trading conditions have been difficult due to falling consumer confidence and the uncertainty over Brexit.

“The business has aligned its costs to reflect the downturn and continues to review its operations accordingly.”

Bathstore said it had received a working capital loan of £11m from ultimate owner Bathstore LLC, as well as securing an external revolving credit facility of £4.9m, “further strengthening its financial position and enabling future growth”.


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