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Sunday, 21 December 2014

Lakeland sales up but profit down

Kitchenware company Lakeland has reported increased sales but a drop in profits for 2012.

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Sales at the Windermere-based firm increased by £6m to £157.5m - a  4 per cent increase.

Pre-tax profits in the same period fell from £7.2m to £6.2m - a 14 per cent decrease.

The firm is happy with the figures, with 2012 sales being the highest in the company’s history.

A Lakeland spokesperson said: "It’s fair to say that trading conditions in the UK are tough, and whilst our overall profit in 2012 fell, we’re pleased that we’re continuing to invest heavily in the expansion of our business at what is a very exciting time for Lakeland."

Earlier this year, Lakeland announced plans for the major expansion of its business including a ten million pound investment to expand its distribution centre in Kendal, Cumbria.

The expansion will double the storage capacity of the site, and will accommodate planned growth both in the UK and overseas.

Its 65 high street locations nationwide are soon to be joined by new stores in Sutton Coldfield and Cribbs Causeway, Bristol.

With Lakeland’s e-commerce business currently generating double-digit sales growth in the UK, and with many thousands of existing customers living overseas, the firm embarked on overseas expansion this year.

Summer 2013 saw the 'successful' launch Lakeland.de with further European growth expected to follow.

In addition there will be further international development of the Lakeland brand in the Middle East, with plans to double the number of stores in the region within the next 2-3 years. The current 9 stores in the region are thriving, averaging a 15 per cent increase in sales on the prior year.

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