After reorganizing to escape the pandemic, Ann Summers is once again profitable.
The company, which also offers adult toys and accessories, posted a profit of £6.4 million in the fiscal year ending June 2021, compared to a deficit of £12.4 million the year prior.
In December of 2020, a reorganization of its finances allowed it to renegotiate leases with landlords, which was made possible by the lockdown of its stores.
New product lines, including bras for bigger busts, maternity, and nursing clothing, were profitable. And Knickerbox, which it owns, has begun selling swimsuits.
Investments in the website increased online sales, resulting in a £9m increase in revenue to £93m. It currently seeks additional locations and employs over 1,000 people. However, the business cautioned that soaring inflation and growing prices will “certainly affect profitability” and client spending.
Ann Summers was established in 1970, and West Ham football club chairman David Gold and his brother Ralph purchased the company in 1971.
Jacqueline and Vanessa, Gold’s children, manage the company. This year, Jacqueline (seen above right with Love Island star and Ann Summers model Lucie Donlan) transitioned from CEO to executive chairman. Vanessa is currently the CEO.
