Profits plunge at Go Outdoors
By Sarah Wood | 21st November 2023
Go Outdoors profits fell by nearly half last year as the retailer was hit with increased operating costs.
The outdoor clothing and equipment specialist, which has a store in Gloucester, saw profits down to £13m for the year to the end of January, compared to £21.5m for the previous year.
Sales for the year were up 7% to £338m, due to solid in-store sales.
The retailer said profits had been hit by property, utility and freight costs, which had all risen disproportionately. Staffing costs were also up, due to changes to the national living wage and new store openings.
Go Outdoors, which is owned by JD Sports, grew its UK store portfolio from 68 to 86 over the year, as it cashed in on the rise in Brits spending time outside.
The retailer said hiking, camping, cycling and fishing had all seen big increases in equipment sales since before the pandemic.
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