Profits up to £2.4m at Newlife business
Profits surged to £2.4 million – a nine per cent rise – at Cannock-based shopping giant Newlife in the last year, it can be revealed today.
Bosses at the booming business arm of the charity, which sells designer and high street goods at bargain prices, today said profits jumped by £200,000 from 2010/11.
A store refit in March has driven a year-on-year increase in sales of 14 per cent to the end of August.
The extra money is being pumped into the Newlife charity, which provides specialist equipment for sick and disabled children.
Bosses say the healthy balance sheet was in part driven by an expansion in January, when the business took on 20 new staff and acquired a 25,000sq ft warehouse in Bridgtown. Leasing the new building allowed them to move more stock into the homewares store in Hemlock Way, Cannock.
A refurbishment of the clothing superstore, also in Hemlock Way, followed two months later.
Trading operations director Colin Brown, announcing the results today, said: "We are very proud to be bucking the national downward trend by generating more profits and increasing sales in what is a very tough market.
"Sales and profits have increased which is good news all round."
