Leekes sees profits leap
Interiors chain Leekes has seen profits leap in the first half of the year. EBITDA jumped by £1.5m to £2.3m in the six months the end of September.
Like for like sales increased by 8%. Although turnover figures were not disclosed, the chain has sales of £51.29m in the year to 31 March 2013.
The chain says its investment in marketing has seen 'particularly strong performances in the larger investment categories, typically linked to home-moving, such as fitted kitchens, where sales have grown by 30%, as well as our furniture departments, conservatories, windows and doors, and bathrooms, which have all achieved double digit sales growth.'
'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 furniture floors in our Melksham, Bilston and Llantrisant 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,' says Emma Leeke, Leekes Retail md.
'Our strong performance this year has continued to build with sales in November up by £1m. We are seeing growth across our wide range of categories, including further increases in our upholstery and bed departments and are delighted to report good dining and bedroom furniture sales growth after a period of level sales. This continued and accelerating sales growth means that we can look forward to further improvements in profitability for the remainder of our financial year.'