The Perfume Shop said that “cool efficiency” allowed it to weather a challenging retail market to grow its revenue to more than £300m, according to newly-filed documents . The retailer, which is owned by the same Hong Kong conglomerate as Superdrug and Savers, CK Hutchinson Holdings , said its customers’ disposable incomes had been hit by inflationary pressures, creating a “strongly competitive” market. Despite this, The Perfume Shop increased its revenue to £302m in 2023, up from just over £289m in the year before.
However, it was hit by “significant increases” to its costs driven by a sharp rise in wages and business rates which meant that the company’s pre-tax profit dipped to £18.6m from £21m a year earlier. During the year dividends of £37.
5m were paid to CK Hutchison Holdings. The Perfume Shop didn’t distribute anything to its shareholders in 2022. The company refurbished 27 of its shops in 2023 and closed two existing sites which had reached the end of their lease, bringing its store count to 215.
In a statement published to Companies House , The Perfume Shop said: “The directors expect that the UK retail environment will remain challenging and strongly competitive in 2024, with a heavy focus on price. “Consumer sentiment remains subdued as inflationary pressures and high interest rates continue to impact disposable income, whilst at the same time businesses are seeing significant increases in their cost base driven by large increases in wag.
