The Fragrance Shop to open new stores but warns that going online “presents challenges” for “some places”
The Fragrance Shop has laid out plans to continue opening new stores despite the pandemic accelerating the transition to going live.
The Manchester-based retailer added, however, that the change “presents challenges for the continued viability of some stores.”
But he also said he was “well positioned to exploit this rapidly changing landscape”.
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The update was included in the newly filed documents for the company’s fiscal year as of March 31, 2021.
The account shows its turnover rose from Â£ 120.4million to Â£ 110million in the 12 months while its pre-tax profit fell from Â£ 11.6million to 11.8million. million pounds sterling.
The number of people employed by the company during the year also increased from 666 to 603.
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A statement signed by the board said: “Directors expect the UK retail environment to remain competitive, the pandemic has accelerated the transition to online shopping, severely weakening the footfall to physical retail destinations.
âWhile this presents challenges for the continued viability of some stores, it also provides an opportunity to continue to expand the physical footprint of stores elsewhere and is something the group intends to pursue to gain share. Steps.
âIt is clear that the growth of e-commerce will continue to accelerate, the group is well positioned to exploit this rapidly changing landscape and will continue to put the customer at the heart of everything it does in a business format. multichannel shopping.
During the period, the group opened a new site, bringing its fleet to 198 stores.