Lush lathers up for return to profit amid buy out of US partner
Soap-seller Lush has bought out its US partner in a bid to almost double its sales in the UK.
According to The Financial Times, the high street name is eager to pump cash into rebuilding its UK operations after they took a hit amid Covid restrictions.
The retailer returned to profit in its last financial year, it will reveal in accounts published to Companies House this week.
A takeover of its US partner will add more than 80 per cent to its revenues as its single largest market, Lush’s co-founder, Mark Constantine, told the FT.
Lush posted a pre-tax profit of £29mn in the twelve month period, bouncing back from a loss of £45m the previous year. Turnover dropped to £408.7m from £437.8m.
With inflation rising, Lush believes its seven per cent hike at the end of last year will be enough to absorb rising costs this year. Constantine said the company was not planning any more price rises for the UK.