Online Sales Help Ryman Profit Growth

Ryman Profit Growth

Annual turnover at Ryman’s is over £128 million thanks to growth in online sales. For the tax year ending 1st April 2017 pre-tax profits increased by 2.6%.

Online sales for the stationery retailer have increased by nearly 25% in this period. However, there has been a slight drop in bricks and mortar store sales. Theo Paphitis, Ryman chairman says:

“I am pleased to report another satisfactory year of trading for the Ryman business. Turnover at £128.2m was slightly up, delivering an EBITDA of £9.9m from £9.6m in the previous year.

“Ryman operates 210 stores nationwide, as well as an online and B2B business. Strong growth delivered online of 24.8 per cent compensated for a small decline in like-for-like store sales, as well as sales lost due to selective store closures at the expiry of their leases. Investment has continued in developing a multichannel proposition, which enables our customers to purchase in a way that suits them most.”

“Our click-and-collect proposition has proved popular because of the convenience of our store locations. The Ryman stores have also been utilised by other group brands as an option for their own click-and-collect propositions.”

Christmas Sales Increase in Difficult Trading Conditions

Paphitis states investing in the e-commerce side of the business resulted in solid Christmas sales last month. In the six weeks leading up to Christmas, Ryman’s like for like sales rose by 4.8%.

However, he goes on to comment:

 “In all my years I have never seen it so hard and unforgiving where the shopper will punish you if you take your eye off the ball.”

“It has now become clear that governmental thinking around changes to business legislation, policy and taxation of revenues especially in the UK, is lagging well behind the development of the retail sector globally, which is creating more uncertainty and risk for retailers and thus the economy.”

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