The Perfume Shop’s accounts for 2024 are in and they show the UK-based fragrance retailer’s revenue rising 5.9%.
The company, which also sells in Ireland, operated from one extra store overall last year taking its total to 510, but its revenue rise from 302.4 million to £320.4 million wasn’t purely down to trading from new space. The retailer’s comparable sales increased by 6.1% with the business saying it saw strong growth both in its physical spaces and online.
This was helped by its loyalty programme that continues to grow and saw an increase in member gross sales participation and the total number of members.
Meanwhile, operating profits increased to £24.8 million from £21.4 million with profit after tax at £17.2 million, up from £15.4 million in 2023.
That was all despite what The Perfume Shop said was another tough year for the retail sector, including the legacy of higher prices even though the monthly rate of inflation eased considerably. Consumer disposable income was squeezed and it said customers were much more price-sensitive even though the beauty market as a whole was strong.
It continued to grow its market share through its strategy as a multi-channel retailer and investment here paid off last year.
That investment remains key as the business spends money of opening new stores and refurbishing existing locations. In 2024, it refitted 31 stores and opened three in new locations, as well as relocating five to stronger trading positions and closing two as their leases ended and the decision was taken that they didn’t fit in with the strategic direction of the firm.
Although the accounts didn’t contain any details about specific selling seasons or about 2025, we assume that the current year has continued to be strong. During this year it has reported buoyant sales for key events such as Valentine‘s Day, Mother’s Day and Father’s Day. And store openings/revamps have continued at pace.
