TOFS sales fall but boss heralds CVA for improved profitability
The Original Factory Shop (TOFS) has recorded declines in full-year sales and profits but boss Emma Fox credits the retailer’s CVA for improving profitability.
The value retailer recorded EBITDA of £4.1m in the 52 weeks to March 31, 2019, down 34% year on year.
The business, which recorded a 13% decline in revenue year on year to £161m, won approval for its CVA during the financial period, resulting in the closure of 54 stores.
TOFS, which today operates 168 stores, said the business is “in a stronger and healthier position” as a result of its CVA and has doubled EBITDA in the first half of its current financial year.
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