Fragrance Shop sales top £112m
The Fragrance Shop is celebrating a 5% increase in sales to £112m, on the back of increased online sales and the continued popularity of luxury perfumes.
The Manchester-based retailer, which operates 183 stores nationwide, said its online operation continued to increase in popularity with year-on-year sales rising 34%.
EBITDA rose 7.6% to £15.1m, while net profit increased 16.3% to £10.2m in the year to the end of March, 2017, against the same period the prior year.
Luury high end perfumes continue to sell well, with Dior Sauvage the company’s best selling scent.
Chief executive Sanjay Vadera said the company is on track to open its 200th store this year, as well as introducing a concession store format in partnership with House of Fraser across 28 sites.
The company will soon unveil its new ‘scentaddict’ subscription service, which will allow customers to try luxury scents monthly with no commitment and is currently in BETA testing.
Vadera said: “We have achieved outstanding like for like sales growth for another year as a result of listening to our customers and giving them what they are asking for; an expanding range of accessibly-priced luxury fragrances, being first to market with exclusives, the best possible retail experience and an expanding store portfolio.”
He added: “Early indications have shown us that new launches will perform positively for us in 2018, such as Missguided’s debut scent Babe Power, which has been the fastest selling debut female fragrance this year.”
The Fragrance Shop was founded in 1995 with a single store. It now employs just under 1,200 people experiencing significant growth as a multichannel retailer through it’s e-commerce website, 183 stores and distribution facility in Manchester.