The Fragrance Shop plans 20 new stores as profits rise

THE BOSS of perfume chain The Fragrance Shop has said it will open another 20 stores in the next year, as profits and turnover continue to grow.

Pre-tax profits increased by 4.5% to £11.6m as turnover also increased by 6.2% to £95.7m for the year to the end of March 2015 (2014: £90.1m), according to the group accounts filed at Companies House. Underlying profitability increased 6.5% to £13.2m (2014: £12.4m).

Luxury and designer brands such as Chanel, Dior, Gucci, Loewe and Viktor and Rolf have accounted for a large proportion of sales as the luxury market continues to perform well, it said.

Recent additions to The Fragrance Shop’s range, such as the Amouage and Versace brands, have also seen the retailer grow its share of the luxury fragrance category.

The Manchester-based retailer has also focused on developing its multi-channel offering. New services introduced this year include the ability to order in store from a more extensive catalogue giving customers the opportunity to buy an old favourite, even if it has previously been delisted.  

During the financial year the company, which employs around 1,000 staff, opened 17 new stores taking the total number to 168 stores.

Chief executive Sanjay Vadera said: “We’ve made shopping with us easier than ever before with multiple ways to purchase and we offer consumers unparalleled advice and guidance when it comes to buying fragrance. 

“We have another big year ahead of us with the launch of 1667, our first internally developed luxury fragrance range. We’ll continue to expand our retail estate with a further 20 stores due to open and we’ll unveil some game-changing digital developments.”