Ann Summers has decided to make staff redundancies due to difficult trading circumstances.
- The decision comes amidst ongoing high taxation and rising operational costs affecting retailers.
- Maria Hollins, CEO of Ann Summers, described the decision as difficult but necessary to manage costs.
- Despite the challenges, Ann Summers is pursuing growth plans both domestically and internationally.
- Recent turnover figures show a 4.5% increase, boosted by in-store sales growth of 12%.
Ann Summers, a well-known retailer specialising in lingerie and intimate products, has announced a series of redundancies. This action comes in response to the challenging trading environment currently affecting the retail sector. According to the retailer, high taxation and rising costs have imposed significant pressure on its operations.
Maria Hollins, the current CEO of Ann Summers, noted the necessity of these measures to align the company’s cost base with the realities of today’s retail landscape. She emphasised that the decision to lay off certain employees was not taken lightly. Although Hollins did not disclose the number of employees impacted or their specific roles, the action is described as affecting a ‘small number’ of staff.
Despite these challenges, Ann Summers remains committed to its growth strategies. The company continues to explore opportunities to strengthen its brand presence both within the United Kingdom and internationally. In recent financial data, the business reported a 4.5% increase in turnover, reaching £104.6 million for the year ending 1 July 2023. This financial performance was underpinned by a 12% increase in in-store sales, as customers returned to shopping on the high street in the post-pandemic period.
Furthermore, part of Ann Summers’ growth has been attributed to the expansion of its store portfolio. The chain opened four new locations in Chelmsford, Croydon, Buchanan, and Brent Cross, thereby enhancing its accessibility to consumers. These developments have supported its trading performance amidst the broader challenges of the retail sector.
Ann Summers navigates fiscal pressures through strategic redundancies and targeted growth initiatives.
