Charity shops have recorded profits up 7.4 per cent this year as shoppers try to manage their budgets in the face of the economic downturn.

According to the Charity Finance Charity Shops Survey 2008, total profits across the 72 charities participating climbed to£106.7 million. However, costs increased 5.3 per cent. Average profit per shop a week rose from£350 to£370.

At the top of the table, Oxfam recorded a 5.1 per cent increase in profits to£21.1 million. Cancer Research UK came in second place with a 1.2 per cent increase. British Heart Foundation was up 14.2 per cent and the Salvation Army was up 63.6 per cent.

Association of Charity Shops head of policy and public affairs David Moir said charity shops have had a “reasonable” year, but warned that the real test is yet to come.

“Trading conditions, as for all retailing, are now extremely tough. However, evidence from previous slowdowns is that charity shops are well placed to weather economic storms as cash-strapped consumers turn to them for value for money.

“If charity shops continue to respond to consumer needs, then they are well placed to come out of this downturn in a good position.”

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