White Stuff shows it has the right stuff

FASHION retailer White Stuff has defied the recession to increase profits by 59 per cent compared to last year.

The company, which was set up by Sean Thomas and George Treves, also saw a 43 per cent lift in turnover in the year to the end of May.

The firm’s turnover jumped from £58.4m to £83.7m and it also saw a healthy hike in profits, from £9.2m to £14.6m before tax.

It reported growth across all areas of the business, especially in hom shopping, where revenue doubled to £8.9m.

White Stuff, which currently employs around 1,300 people, is now looking to expand, with an extra 270 employees likely to be taken on this year.

It is also looking to open another 10 stores by the end of the year and double the size of its distribution centre.

Despite the recession-beating success, chief executive Sally Bailey said the company was unlikely to maintain such a high level of growth.

She said as well as facing the obstacles of the expected government cuts and tax increases, the bottom line was likely to be affected by the increasing cost of cotton.