Peacocks is back in credit after closing stores ‘irreversibly impacted’ by the pandemic

The fashion retailer posted an annual turnover of £238m for the year to February 2023, with profits reaching £14.65m for the same period. 

The retailer said the improvement in profits was due to an investment in its store estate, which saw the opening of new stores in “key retail locations” and the strategic closure of stores on high streets where ”the impact of the pandemic has been irreversible”.

Peacocks also launched a new website during the period offering shoppers “enhanced shopping functionality”, and which had improved website transaction numbers by 40% for the period. 

Group CEO Steve Simpson said: “In the last two years, we have been focused on a strategy of offering our customers exceptional quality and value for the whole family. With the backdrop of a cost-of-living crisis, we have been committed to offering our customers even better products than we have done before, still at low prices.

“We have welcomed into the Peacocks family our stylish celebrity ambassadors of Louise Redknapp and Michael Owen. Their style credentials have resonated strongly with our customers and helped improve our style perception, delivering strong growth in their ranges across ladieswear, menswear and lingerie.

“As we celebrate our 140th year we remain focused on expanding our product offering to our valued customers.”

Sister retailers Edinburgh Woollen Mill and Bonmarché, which were bought out of administration by investment consortium Purepay Retail Ltd in 2021, also returned to the black. 

In results filed under Purepay, the retailers delivered £195.094m in sales, with operating profit reaching £8.07m for the year to February 2023. 

Owner Purepay said the strategy for both brands was to centre the “often neglected” 50-plus market searching for value options, and each have made investments in digital developments as well as in their respective store estates. 

Bonmarché upgraded to a new loyalty app during the period and grew strores from 175 to 201, while Edinburgh Woollen Mill grew from 191 to 183 stores, prioritising market towns, tourist locations and garden centres.