Cotswold Outdoor racks up a decade of losses
The firm behind Cotswold Outdoor has failed to make a pre-tax profit for a decade but the retailer did significantly cut its losses in 2024, it has been confirmed.
The Wiltshire-headquartered retailer has posted a pre-tax loss of £380,000 for its latest financial year, down from the £7.3m it reported for 2023.
The last time the business behind Cotswold Outdoor made a pre-tax profit was the £14.8m it achieved in 2015. At the time, its turnover stood at £135.5m.
New accounts filed with Companies House show that its turnover in 2024 dipped from £159.7m to £158.9m.
The business, whose brands also include Runners Need as well as Snow and Rock, has racked up a pre-tax loss of more than £110m since it last made a profit.
Cotswold Outdoor is owned by Paris-based private equity firm PAI Partners after it acquired AS Adventure Group in 2015.
Cotswold Outdoor ‘well placed’ despite losses
A statement signed off by the board said: “The retail landscape in the UK throughout 2024 has continued to be impacted by the wider macro-economic and geopolitical environments which have continued to evolve and continues to be significantly impacted by the Russian invasion of Ukraine in February 2022.”
Cotswold Outdoor added: “The increases in employer’s National Insurance and National Living Wage will also increase payroll costs for the company, which will look to be offset through improvements in productivity.
“Despite these challenging trading conditions, like-for-like sales have marginally declined.
“The business has continued to manage cash and working capital very tightly, whilst at the same time investing in the store estate with two new stores opening in Ambleside and Beverley.”
On its future, Cotswold Outdoor said: “2025 has started the year with a number of challenges in terms of macro-economic uncertainty, driven in particular by geopolitical issues and global tensions.
“As we continue to see inflation rise through the first months of 2025, it is still expected that interest rates will decrease through 2025.
“The company feels that it is well placed to tackle these challenges and continue to explore new business opportunities.”