Ann Summers looks to expand
Ann Summers has said it is looking to expand its store estate, after seeing its turnover reach £100m.
The lingerie and adult toy retailer said it is set to open four or five new stores next year, after its turnover increased to £100.1m in the year ending June 2022, up from £93.2m the previous year.
The retailer said: “2022 was a year of two halves for Ann Summers. We started the year strongly and optimistic that after the disruption the pandemic had caused in recent years, this would be the year that we saw a return to normality”.
“With stores open and footfall gradually returning to the high street, it felt like this would be the case.”
However, a combination of the effects of the Omicron COVID-19 variant, the conflict in Ukraine, and the reinstatement of business rates in April 2022 meant that the retailer saw a decline in operating profit to £1.2m during the period, down from £3.5m the previous year.
At the end of the period, Ann Summers had an estate comprising 82 UK stores and three in Ireland, and said it is “actively looking at key new sites for the future”.
In March, the retailer’s long-standing boss Jacqueline Gold passed away aged 62, following seven years of treatment for breast cancer. She was subsequently succeeded by Maria Hollins, who was formerly managing director.