Positive pandemic trading for perfume specialist
By Sarah Wood | 26th May 2021
The Fragrance Shop has posted robust results for the last financial year, despite stores being closed for much of the year.
The retailer, which has stores in Gloucester and Cheltenham, said a significant growth in online sales in the year to 31st March largely offset the fall in in-store sales during three lockdowns, as reported by Retail Gazette.
The perfume and aftershave specialist said the last year had changed its business dramatically, as it became a high-growth online retailer, complemented by its network of 199 stores.
During lockdown, The Fragrance Shop used stores to offer a click and fulfil service to limit the need to furlough staff and better manage stock levels across the business.
The move helped online sales increase by 164 per cent. During the year, the retailer's online sales rose from 20 per cent of overall sales to 56 per cent.
Overall sales for the year were down 4.7 per cent as a result of the extended lockdown store closures, meaning in-store sales were down 47 per cent for the year.
The Fragrance Shop still expects its shops to be a major part of the business in the future, because of the sensory experience of shopping for perfumes.
It is working closely with landlords to agree terms that mean stores can remain open and profitable and a part of the high street's recovery nationwide.
Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.