Mountain Warehouse targeting new stores after posting record sales
Mountain Warehouse has said it plans to open a number of new stores in the UK and in overseas markets including New Zealand, as sales hit an all-time high in the 12 months to February 2022.
The retailer’s revenue rose to a record £302.6m, a year-on-year increase of 26% compared to 2021 and 4.6% higher than three years ago, prior to the impact of Covid.
Mountain Warehouse has cited its improved online range as one of the reasons for the uplift in sales. The increase in the amount of staycation holidays also benefitted the company, as higher demand for outdoor gear and camping equipment drove up sales figures.
The retailer posted an operating profit of almost £11m for the year, however suffered a pre-tax loss due to lockdowns around the globe. Higher freight costs and investment in a new distribution centre also added to the company’s expenditures.
Mark Neale, founder of Mountain Warehouse, said: “Two years on [from the start of the pandemic], and we have recorded record sales of more than £300 million for the first time and trading strongly. There are still some strong headwinds from freight costs, supply chain headaches, energy costs and rising inflation. But we are growing again.”
Neale also expressed Mountain Warehouse’s desire to expand its footprint:
“If we can find the right stores in the right locations, we will open in new towns. We recently opened in Petersfield, Hampshire in a former Laura Ashley store. It is our fifth branch in former Laura Ashley stores. We have also opened five or six ex-Top Shop stores such as Bournemouth; Fareham, Hampshire; the Isle of Mann and Merthyr Tydfil in Wales.”
Since the last financial year, Mountain Warehouse has continued to enjoy good sales, recording its busiest ever Black Friday making more than £3 million, a 10% increase on last year.