Edinburgh Woollen Mill to expand after record profit

By

Cajsa Lykke Carlson

Published
Dec 2, 2015

Edinburgh Woollen Mill, the fashion to textiles retailer that owns The Edinburgh Woollen Mill and Peacocks, has plans to open 100 new stores in the next two years.

This comes after the group saw record annual pre-tax profit in the year to February 28, 2015, up 28% to £91.2m (2014: £71.3m.) The group also reported strong total sales in the period, up to £562.6m (2014: £551.9m). EBITDA rose 16% to £100.9m (2014: £86.9m).

In the current year, EWM will open another 53 stores, including five new overseas stores, creating 800 new jobs. It is targeting the organic growth of both Edinburgh Woollen Mill and Peacocks and will further update its existing estate. The group currently has over 1,000 UK stores, as well as hundreds of concessions and multiple e-commerce sites.

The period saw FY online sales at EWM rise 15%. Total sales fell slightly to £166.2m (2014: £168.5m), after the retailer closed a number of underperforming stores. At Peacocks, online sales were up 62% and total sales rose 8% to to £351.7m.

Steve Simpson, Group Commercial Director of Edinburgh Woollen Mill Group, said: "Each of our brands has its own core focus, but they are united in their determination to reward strong customer loyalty with excellence in quality, value for money, and customer service.
 
"Whether they are cost-conscious mums looking for family fashion or discerning shoppers seeking a more timeless sense of style, our customers know they can rely on us to deliver what the quality they want, at the price they want, both on the high street and online."