Retailer bucks the trend as turnover soars to £36m after making high street debut

Leeds-headquartered retailer Joe Browns is bucking the high street trend after reporting an increase in both profits and turnover in the year which saw the launch of its first physical store.

This week publishing its annual results for the 12 months ending 30 June 2018, Joe Browns reported a turnover of £36.6m, marking a rise of almost £4m on the £32.8m achieved the year prior. The company’s mail order sales increased by £600,000, and its wholesale division also posted sales of £1.9m.

During this period, Joe Browns opened its first ever store at Meadowhall in Sheffield. Having launched in November 2017, the 4,000 sq ft store, which offers a mix of clothes and accessories for men and women, reported retail sales of £1.2m.

Following this growth in sales, the retailer’s pre-tax profits slightly rose from £5.3m to £5.8m, operating profit increased by £300,000 and EBITDA saw a £400,000 rise to £5.9m.

The directors said that Joe Browns operates in “highly competitive and fast-moving market,” and as a result the retailer needs to invest in all areas of its business “especially when they directly affect the consumer and their willingness to purchase.”

Going forward, the directors noted that “particular emphasis” is to continue to be placed on product quality, branding and the consumer’s e-commerce experience.