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Brighter housing market boosts Leekes sales and profits

Published: 16 December 2014
Home department store group Leekes delivered significant sales and profitability growth in the first six months of its financial year.
Brighter housing market boosts Leekes sales and profits
The 115-year-old family-owned business headquartered in South Wales reported a £1.5m improvement in profitability in the first half, achieving an EBITDA of £2.3m for the period.

Leekes says it capitalised on the increased activity in the housing market, which helped it to deliver 8% like-for-like sales growth in its retail division. Particularly strong performances were seen in the larger categories, typically linked to home moving, such as fitted kitchens, where sales grew by 30%, conservatories, windows and doors, bathrooms and building departments, which all achieved double-digit sales growth.

Commenting on the results, managing director of Leekes Retail Emma Leeke said: "We have continued to make substantial investment in our retail business over the last few years, with the opening of our new flagship store in Coventry in 2012, a £1m modernisation programme at our Cross Hands store, as well as the refurbishment of our kitchen and bathroom studios in all stores.

"We are delighted to see that this continuing investment is having a significant effect on both our sales and profitability, and positions us perfectly to take advantage of the more active housing market."

She said the strong performance this year had continued to build, with like-for-like sales in November up by 16%.

"We're seeing growth across our wide range of categories, including substantial increases in our furniture and accessories departments. This continued and accelerating sales growth means that we can look forward to further improvements in profitability for the remainder of our financial year."


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