- Total revenue increased by +7.5%, and like for like revenue grew by +0.9% reflecting continued trading momentum and market outperformance
- Retail performance was hampered by weak footfall during the early weeks of the second half, coinciding with the Budget event, but has improved since. As a result, Retail like for like revenue was -4.0%. New stores contributed a further +10.3% points to deliver total Retail revenue growth of +6.3% over the eight weeks
- Ecommerce performance continued to increase year on year with like for like growth of +7.7% and total growth of +9.3% when including revenue generated from the recently re-launched Amazon UK marketplace channel
During the eight weeks we opened five new stores as planned, taking the year to date total up to nine new stores, with two smaller garden centre stores closed during the eight weeks.
Lee Tappenden, chief executive officer, commented: “We delivered a strong performance in the first half, outperforming a subdued market, and growing our customer base whilst maintaining cost discipline. We have made good progress against our strategic priorities and continue to invest carefully in the areas that will support profitable growth in the medium term.
“We now expect to open a further three new stores in the remainder of the financial year, taking the total up to 12 new stores and, by closing two smaller garden centre stores, adding a net 10 new stores to our Retail network across the year.
“We are pleased with trading results in the first half of the year. Whilst the important Q3 trading period had a subdued start in the early weeks coinciding with the Budget event, and a later Black Friday year on year, we are well positioned to take advantage of the improved momentum we are now experiencing, supported by our Christmas campaign, new product launches and strong inventory levels.
“Notwithstanding recent continued challenging trading conditions, our expectations for the Group’s full year performance are unchanged, as we anticipate our typical second half weighting of revenue and profitability, supplemented by the actions we have taken to expand our retail network, combined with continued margin and cost discipline.
“We remain confident in delivering continued strategic progress and sustainable growth over the medium term, as we work towards our ambitions of 100 stores, £100m revenue and 10% operating profit margin.”