The Perfume Shop saw profits dip in its full-year results as it grappled against a “challenging and strongly competitive” retail environment.
Profits at the retailer fell from £21m in 2022 to £18.6m for the year ended 30 December 2023, as the business noted that consumer sentiment remained subdued as inflationary pressures and high interest rates continued to dent disposable income.
However, sales at the cosmetics business, which is currently in the midst of a price freeze, rose from £289m the year prior to £302m.
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The Perfume Shop refitted 27 of its stores over the year and closed two at their natural lease break as it sought to invest in its store estate and improve the customer experience.
Looking ahead, The Perfume Shop insisted there was potential for “solid growth” with the right retail proposition and customer service.
It added that its strategies were “designed to ensure its success in the UK market,” maintaining its strong position and gaining footfall from its “fragrances, services and focus on customer experience” in-store and online.
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