Truworths UK Holdco Ltd — best known as the owner of the Office and Offspring footwear businesses — has filed its accounts for the year to the end of last June and they show profits more than doubling.
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The company, which has been owned for a decade by South Africa-based Truworths, said pre-tax profit jumped to £102 million from £47.7 million, a strong bounce-back after it was loss-making in the years to June 2019 and 2020.
Revenue at the company also jumped from £265.3 million to £294.3 million. the company’s net profit also surged, rising from £37.7 million to £79.8 million.
The strong year came as the business opened new stores and as of the year-end, it operated 75 stores (up from 70), plus 11 concessions spread across the UK and the Republic of Ireland. Job numbers also rose to over 1,800 from just over 1,600.
The year in question was a tough one for the UK fashion industry but in the accounts the company said that trading conditions were much improved in the period. And while consumer confidence remains shaky, it added that it has improved steadily.
That said, consumer spending was (and is) under pressure. But the company said “the branded fashion footwear sold by Office proved to be a resilient category and traded well throughout the period,” helped by the new and revamped stores.
The business remains upbeat for its future prospects, and said it “will continue to leverage its strong relationships with the world’s leading footwear brands, its loyal customer base across the Office and Offspring brands and ongoing investment in digital marketing. Growth in the year ahead will be driven by a strong online presence and the expansion of the Office store portfolio through new store openings and the remodelling and extension of existing stores in strategic retail locations”.
