Strong growth for Oak Furniture Land
Oak Furniture Land is to more than double store numbers over the next 18 months after strong growth in the past year.
Jason Bannister, Oak Furniture Land hopes to increase stores from 17 to more than 40 by the end of 2013, including its first London branches and plugging gaps in the Midlands. Five stores are scheduled to open in September.
The chain enjoyed pre-tax profits of £3.8m in the six months to 31 March as turnover jumped 92% to £33.7m.
Bannister says he expects full-year sales to be £80m and profits to be between £10m and £12m in the year to September 30, up from £38m and £3.8m respectively last year.
Online sales now account for 40% of turnover and the retailer hopes to boost this with the development of a mobile website.
The retailer plans to spend £5m on TV advertising this year, supported by £1.5m to £2m on advertising and improving its search ranking on Google.
Bannister says the retailer is benefiting from its vertically integrated supply chain is winning shoppers from John Lewis, Next and Ikea.