Bodycare edges toward the black as it reveals huge expansion plans
Toiletries retailer Bodycare has revealed plans to open 40 new stores in the south of England as it edged closer to returning to the black during its latest financial year, according to new documents.
The Lancashire-headquartered company achieved a revenue of £128m in 2023, up from £119m in the year before, as it said sales were boosted by an extended product range during the all-important festive period.
Bodycare’s finances received a welcome boost as the run-up to Christmas 2023 delivered above average industry sales, with the business attributing its success to stock management and on-shelf availability, plus high sales of its own brand gift sets.
It added that the introduction of “high margin essential gifts” had also allowed it to capitalise on increased consumer spending.
Its focus on its own brand products will continue throughout 2024 as it launches its first cosmetic range ‘In the Style’ in collaboration with its current supplier Badequo and fashion brand In The Style.
But despite higher sale volumes the company did not turn a pre-tax profit, instead cutting its loss from £3.4m in 2022 to £1.7m over its latest 12 months.
The company has been in the red since 2020 when it made a pre-tax loss of £5.6m, following a pre-tax profit of £1.4m in the year before.
Bodycare has blamed its troubles on decreased footfall following Covid-19.
In a business report published to Companies House, the company behind Bodycare said: “The review of the business and actions taken in 2022 are now showing positive movements in sales and gross margin.
“We have increased the participation of our own brands products whilst delivering growth on branded products.
“Our pricing and constant review of both compeitot and CPI have enabled us to maintain the 10 per cent difference in pricing compared to our competitors.”
Looking forward, Bodycare said it had developed a target town strategy with the ambition to open 40 more stores in the next two years, having opened four new sites in 2023.
It said that it was actively looking for potential sites in the South East, East Anglia, South West and the London boroughs.
At present the company has around 130 shops, the majority of which are in the North West.
The business has grown significantly since it was launched as a market stall in Skelmersdale more than 50 years ago by Margaret and Graham Blackledge.
In May 2022 the couple, who had remained at the helm of the company for five decades, announced it had appointed advisers to explore a sale.
No updates have been published since.