Online strategy to fuel growth at Fishing Republic

Growth at equipment retailer Fishing Republic is looking healthy as its online presence continues to develop.

The retailer, which completed an IPO last year, expects to see revenue increase 40%.

This was down to new store openings, organic growth and strong performance in its online presence.

Fishing Republis said it was making “good progress” with its online sales, which are increasing 132% year-on-year for its own site. Third party sales account for 60% of revenue.

Lower third party sales as it moves to its own site meant that total online sales decreased but, it said, overall gross margins improved.

The three new stores also opened in the first half of the financial year, in South Birmingham, Crewe and Hull with its Lincoln acquisition now fully integrated.

The company opened a new store in Mildenhall just before the year end and one in Milton Keynes in January 2017. Two further stores, in Reading and Ipswich, are expected to open before the end of Q1.