Published on 13 - August - 2008
Wilkinson: £3bn in sales by 2012Wilkinson has announced ambitious plans that will see it operate from 500 stores by 2012, generating sales of £3bn - a rise of more than £2.5bn on current trading in 40 months.
Chief executive Stuart Mitchell, who revealed the plans in the retailer's company accounts for the year ending February 1, 2008, described it as a 'challenge' however he stressed the business will invest 'substantially' in the brand, IT and in a cost reduction process to realise its aims.
"Central to this strategy is increasing the pace of growth to drive market penetration; stepping up our core expansion; developing new formats and building on our internet and catalogue business, Wilkinsonplus," Mr Mitchell said.
Total sales (ex VAT) for the year increased to £1,364bn, an increase of 9.5% on the previous financial year. Sales (incl. VAT) ended the financial year at £1,592bn.
Pre-tax profit stands at £50.3m, which represented an increase of £1.9m (4.0%) on the previous financial year.
Mr Mitchell singled out five 'personal highlights' for the year, which will probably go some way in pinpointing the business's future direction: 1. availability (helping total numbers increase 5.7% to 213.9m); 2. food - 'an area for future focus' (from a standing start annual sales are in excess of £50m in 142 stores; 3. Wilkinsonplus - since launch in September 2007 sales are 'very encouraging'; 4. formats - trials of out-of-town stores in excess of 30,000sq ft in Wales, and 'neighbourhood' stores of 5,000sq ft; 5. global sourcing.
Wilkinson's estate comprises 295 stores.
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