Leekes Department Stores achieved growth in its financial year to 31st March, its owner achieving a £2m improvement in profitability with EBITDA profits exceeding £6m.
Leekes Retail achieved 12% LFL growth in turnover up to £70m, and is reportedly "particularly pleased" with this result, which comes on the back of a 6% improvement in the previous year’s sales.
The retail business has capitalised on improving customer confidence and increased activity in the housing market. Particularly strong performances were seen in the larger investment categories such as conservatories (up 34%), windows and doors (up 14%) and kitchens (up 6%).
In addition, as well as confirmed impressive performances in the furniture and furnishings business unit where sales were up 7%, strong growth was also generated in the home accessories departments (+23%) and garden furniture (+40%).
Emma Leeke, MD of Leekes Retail, says: “We have continued to make significant investments in our retail business and it is extremely encouraging to note that this investment is paying dividends with Coventry store sales up 17% in 2015/16 and, after several years of successive growth, the Bilston Store was yet again up 13%.
"We are pleased to be continuing with this expansion with the exciting recent acquisition of Park Furnishers of Bristol which will add a further £10m to turnover."
Chairman Gerald Leeke adds: “With support from our banking partners Barclays and Lloyds, we continue to invest across our retail and leisure businesses and are delighted that our trading across the group demonstrates the success of this strategy.”
