Turnover increases but profits fall. 

Turnover reached £869m in the year to 28th January 2018, up from £764m in the previous year. A fall in the value of sterling against the US dollar was responsible for a reduction in consolidated profit after tax, which was down 22% to £42.6m.

Retail analyst GlobalData said: ‘‘Sales growth at The Range over its last financial year is commendable at 13.8% (revenues totalled £869.1m) and on a strong comparative. But profit growth has failed to follow, with profit before tax dipping over 20% as the retailer was impacted by the fall in sterling against the US dollar. This performance does not compare favourably with closest rivals B&M and Home Bargains, who both logged double-digit sales and profit growth in their latest full-year financial results.”

While The Range opened 19 stores in the year, rival Home Bargains opened 32 stores over its financial year to 30th June 2018, and B&M 47 in the year to May 2018.

According to The Sunday Times Rich List, founder Chris Dawson and his wife Sarah have amassed a fortune of just under £2b. The Range, which has agreed a “strategic alliance” with Iceland to sell some of the supermarket chain’s food in-store, has defied much of the retail gloom. “We’re pleased with the situation,” said Chris. “I think we’ve done bloody well.”