Fashion retailer M&Co boosted by soaring online sales
Independent fashion retailer M&Co has reported a strong rise in revenues and profits following a surge in online sales.
Renfrewshire-based M&Co, which is the brand name of Mackays Stores Group, increased overall sales by 5.4%, to £211.4m, in the year to February.
Pre-tax profit climbed by about £320,000, to more than £3.6m.
Like-for-like sales across its stores grew by 2.4%, supported by online growth of 18.3%.
M&Co said it had achieved a strong performance, despite "a backdrop of challenging market conditions".
The Inchinnan-based retailer has 300 stores worldwide, including 59 in Scotland, with almost 3,400 employees across the UK in its shops, distribution centre and support offices.
The firm said growth over the last four years had been achieved through new store acquisitions, a shop refurbishment programme, investments in technology and national advertising campaigns.
'Pressure on margins'
Chief executive Andy McGeoch said: "Undoubtedly the high street environment remains challenging, with high business rates, cost inflation, heavy discounting, economic uncertainty and international currency fluctuations collectively putting pressure on margins.
"As a result, our commitment to both drive efficiencies and to enhance our customer experience, has seen us significantly increase our IT investment to take advantage of new technologies.
"Key to our future growth is the implementation of our digital strategy and the growth of our ecommerce business both in the UK and internationally, meeting the omni-channel needs of today's exacting customer."