British retailer Oliver Bonas increased its profit after tax by more than 150% in the year to 31 December, recording £4,090,876.
The British brand became last year the first UK retailer to adopt the living wage – Oliver Bonas sales grew by 14% on a like-for-like basis, which the company attributed to the growing appeal of its own-brand product and the dedication and work of its staff following the adoption of the Living Wage.
In the 13-month period, Oliver Bonas opened 9 new stores and closed 2, totaling now 57 stores in the UK. The British company also operates a transactional website, which it said made a “meaningful contribution” to its annual results.
The business will continue to emphasise its in-house designed fashion, accessories, homewares, furniture and gifts ranges. 62% of all sales in 2015 were own-brand product, up from 54% in 2014 and the retailer continues to invest in the area this year as it expects the trend to persist.
Whilst most British retailers are suffering from the uncertainty related to Brexit and the rising cost of supplies, Oliver Bonas said it expects the fall of Sterling to boost its online overseas sales and purchases made by tourists visiting the UK.