Lingerie retailer Ann Summers is back in profit after restructuring to survive the pandemic
Back on track: Boss Jacqueline Gold (right) with Love Island star and Ann Summers model Lucie Donlan
Lingerie retailer Ann Summers is back in profit after restructuring to survive the pandemic.
The company, which also sells adult toys and accessories, made £6.4m in the year to June 2021, after posting a loss of £12.4m the previous year.
Shutting shops in lockdown hit it hard and in December 2020 a financial restructure allowed it to renegotiate deals with landlords.
New product lines such as bras for fuller busts, maternity and nursing wear paid off. And Knickerbox, an underwear brand it owns, began selling swimwear.
Website investment boosted online sales and turnover rose by £9m to £93m. It is now looking for more sites, and employs around 1,000 staff. However, the company warned that soaring inflation and rising costs will ‘undoubtedly have an impact on profitability’ and customer spending.
Ann Summers was founded in 1970 and bought by West Ham football club chairman David Gold and his brother Ralph in 1971.
It is run by Gold’s daughters, Jacqueline and Vanessa. Jacqueline (pictured above right with Love Island star and Ann Summers model Lucie Donlan) was chief executive but moved to an executive chairman role this year. Vanessa is now chief executive.