Oliver Bonas has posted a boost in profits and revenue for the 2022 full financial year as sales remained “resilient” despite the cost-of-living crisis.
The fashion, jewellery and homewares retailer posted pre-tax profit of £9.07m for the full year to December 31, 2022, up from £7.49m in the previous year.
Operating profit for the year also reached £9.28m in comparison to a total of £7.7m in the previous year.
Oliver Bonas also reported that sales surged from £92.88m in 2021 to £115.03m in 2022 as sales during the period “remained resilient”.
The retailer said in a statement filed to Companies House that it started 2022 with “cautious optimism” as it forecasted that there was “pent up” consumer demand and the Covid-19 vaccine boosters were “allowing the economy to slowly grind into gear”.
Despite this, it noted that inflation had started to “creep up” and the effects of the war in Ukraine also contributed to squeezed supply chains and higher energy prices during the period.
Oliver Bonas said despite returns being marginally up on last year, this was a reflection of “changes in the mix as fashion took a higher proportion of sales” than previously.
The retailer added that it saw growth across its store sales and opened eight new stores during 2022, as well as “dramatically increasing” the size of two of its existing stores.
In terms of outlook, Oliver Bonas said it will continue to focus on its store expansion programme with a combination of new store openings and relocations. The Oliver Bonas website and user experience are also understood to be priorities.
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