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Mountain Warehouse profits climb

Finding reason to be cheerful despite tough conditions: Mountain Warehouse had a fantastic year, with a 44% hike in operating profits and sales up 20%.
Finding reason to be cheerful despite tough conditions: Mountain Warehouse had a fantastic year, with a 44% hike in operating profits and sales up 20%.

Outdoor retailer Mountain Warehouse yesterday trumpeted “another excellent performance” as it posted a 44% hike in operating profits for the year to March.

The London-based firm which counts outlets in Dundee, Perth, Dunfermline and Aviemore as part of a UK estate which stretches to 186 stores said it had built on the success of last year despite a tough retail environment.

It will open a new store in Pitlochry next week as part of an expansion drive revealed following an £85 million management buyout in November.

The new shop will create eight jobs in the town.

Chief executive Mark Neale is also considering locations in market towns and “day-out” locations including St Andrews, Oban and Inverurie as part of a plan which will see 30 new openings during the current financial year.

Sales jumped 20% to £91.7 million last year, with 23 new store openings including a new site in Aviemore helping to boost the top-line figures.

Like-for-like sales also climbed, by more than 13%, with the inclement British weather boosting receipts as the firm sold more than a million waterproof jackets.

Operating profit jumped to £8.2m from £5.7m during the previous period.

The firm also revealed how online sales had boosted performance, with revenues from the web jumping 130% following “substantial investment” in web platforms.

Mr Neale said the results highlighted a “fantastic year” for the firm. “We have defied the tough economic trends that have hit the high street, and shown that consumers will buy into the right offering of quality products at a competitive price,” he said.

“We’ve found that our combination of ‘bricks and clicks’ has worked together to deliver sales growth.

“Over the next 12 months we will build on this success by opening 30 new stores and by ensuring that we continue to deliver great products that represent good value to our shoppers.”

Mr Neale took overall ownership of the company which started life as a single shop in Swindon and now employs more than 1,200 people in November, following a series of private investments over the last decade and a half.

His buyout of LDC’s 23% stake backed by RBS and asset management and investment group Alcentra, with the help of capital awarded by the Treasury as part of the Business Finance Partnership valued the company at £370m.

The pace of international expansion also increased during the year, with four new shops opening in Poland.