Overview
- The website has been switched to a non-transactional showcase with immediate effect to drive customers to stores.
- Management cited two years of operational problems at third-party fulfilment partners that left the online channel loss-making.
- The company expects about £2 million of exceptional closure costs and a small negative cash impact this financial year.
- Guidance was raised as online losses are removed, with adjusted EBITDA for continuing operations restated to £13.5 million this year and FY27 targeted at £15 million, up from £12.7 million.
- The strategy centers on store growth, with over 90% of sales in shops, five net openings this year and 10 next year with scope for around 100 more, while shares rose about 13.8% and only a small number of roles are affected.