The firm responsible for Cotswold Outdoor has disclosed losses exceeding £100m since its last pre-tax profit nearly a decade ago.
Headquartered in Wiltshire, the retailer, which also encompasses brands such as Runners Need and Snow and Rock, reported a pre-tax loss of £7.3m for 2023, following a £3.9m loss in 2022, as reported by City AM.
The business last recorded a pre-tax profit in 2015, amounting to £14.8m, with a turnover of £135.5m at that time.
Since then, the company’s pre-tax losses have accumulated to over £110m.
According to the latest accounts filed at Companies House, the company saw its turnover slightly decrease from £160.5m to £159.7m in 2023.
Cotswold Outdoor bosses ‘satisfied’ with performance
A board-approved statement read: “The retail landscape in the UK throughout 2023 has continued to be impacted by the wider macro-economic and geopolitical environments which have continued to evolve and have been significantly impacted by the Russian invasion of Ukraine in February 2022.”
“This has continued to cause significant uncertainty in the global economy which led to a period of increasing inflation throughout 2022 and into the start of 2023.”
“To control this inflation, the Bank of England introduced significant interest rate rises.”
“Inflation eased through 2023, however the easing was not sufficient enough to have a significant impact on consumer confidence.”
The company responsible for the Cotswold Outdoor brand indicated: “As a result of this easing, while there is an anticipated reduction in interest rates in 2024, the extent of the reduction is uncertain at the time of this report.”
Furthermore, they expressed confidence in their directional strategy by stating: “The directors are satisfied that the business is well placed to navigate any forthcoming challenges which may lay ahead and has demonstrated a strong ability to be both agile and resilient.”
When providing insights into its strategic outlook, the business announced that: “2024 has started the year with a number of challenges in terms of macro-economic uncertainty, driven in particular by geo-political issues and global tensions.”
They added a positive note regarding consumer trends by explaining: “The company feels that it is well placed to tackle these challenging conditions and as we continue to see inflation ease through the the first half of 2024, a rebound of consumer confidence is expected, as well as the continued desire of our customers to be enjoying the outdoors in a sustainable manner.”