Go Outdoors posts drop in annual profit

Go Outdoors Retail Limited reported a pre-tax profit of 13.1 million pounds for the year ending January 28, 2023 down from 21.5 million pounds in the previous year.

The company, owned by JD Sports Fashion and operating stores and websites under Go Outdoors, Go Outdoors Express, Naylors and Fishing Republic, increased revenues by 7 percent to 338.2 million pounds for the year under review.

Go Outdoors attributed the sales increase to stores remaining open without Covid restrictions for the full period. Additionally, the company said that it also witnessed strong trading through the 12 smaller high-street stores launched under a new retail banner called Go Outdoors Express in November 2022.

However, the company recorded lower sales through online channel during the year, which offset the positive performance of brick-and-mortar stores.

While gross profit increased to 140.4 million pounds, operating profit of 10.1 million pounds declined from 21.5 million pounds in the previous year.

During the period, the company’s gross margin decreased to 41.5 percent and net profit dropped to 11.1 million pounds.