Office upbeat despite tough trading market

By

Barbara Santamaria

Published
Jan 3, 2018

British footwear brand Office believes the trading environment in the UK will remain uncertain this year but expects its integration into Truworths to help it continue its expansion.

The business was acquired by South African company Truworths in 2015, joining one of South Africa’s leading fashion retail brands with over 750 stores.

In accounts recently submitted with Companies House, Office revealed that despite the continued tough trading conditions in the UK, it made sales of £298.7 million in the 53 weeks to 2 July. This compares with sales of £387.8 million in the prior 74 week period, extended after its sale to Truworths to match its financial year end.

EBITDA for the 53 weeks was £32.4 million, after posting EBITDA of £37.6 million in the prior 74-week period, while pre-tax profit fell to £25.9 million from £29.3 million.

Office closed three stores and now trades from 118 shops and 38 concessions, primarily based in the UK, the Republic of Ireland and Germany.