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Cost of Truworths sale hits bottom line at Office

Profits at footwear retailer Office plunged last year, hit by costs relating to its sale to South African firm Truworths.


EBITDA for the 74 weeks to 26 June 2016 fell 67% to £37.6m due to “transaction related costs”. Truworths bought Office for £256m on 4 December 2015.

Its operating profit dropped 48% to £29.2m.

Sales were up 30% to £387.8m during the period. UK revenue made up the bulk of sales at £356m, while Europe accounted for £30.3m and the rest of the world was £1.2m.

The 2016 trading period compares to the 52 weeks to 25 January 2015, when EBITDA was £62.7m. Office said this was boosted by a “significant” VAT refund of £25.2m. The retailer delayed its reporting period for 2016 to tie in with Truworths’.

Office said that, despite the “highly competitive” market conditions for the year ahead, it is well funded and cash generative, and intends to continue expansion of its multichannel business.

It ended the period with 115 stores and 44 concessions, in line with the year before.

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