Sales hit £50m but Sock Shop owner stays cautious

Revenue has passed the £50m mark at Sock Shop owner Ruia Group but the textiles, clothing and hosiery manufacturer remains cautious following a drop in profits.

The company, which has its headquarters in a 240,000 sq ft Victorian warehouse near Kearsley in Greater Manchester, also counts home linen business Belledorm and hospitality bed linen supplier Richard Haworth among its brands. It employs more than 300 staff.

In the year to 30 April 2014, it recorded sales of £50.5m, up from £49.1m the previous year. However, pre-tax profit dropped from £6.8m in 2013 to £5.6m.

Vimal Ruia said he was pleased by the sales growth but cautioned on trading in 2014/15.

"This year, the mild weather in September and October has impacted us and we don't expect our performance to be as good as last year, but obviously there is still some time to go and it's mainly business as usual for us," he said.

Ruia Group was founded in 1993 and also has sites in Leicester, Crewe and Lanark. Sock Shop is perhaps its best known brand, with ten stores and concessions across the north, Midlands, South West and Wales.

In the directors' report accompanying the financial accounts, Ruia Group said its "strong brand offering" has allowed it to develop and maintain trading partnerships with its customers and suppliers.

"The group has also continued its development of new products and new markets," the business said. "Internet selling and concession outlets have seen strong growth, predominately through offering quality product direct to retail customers."

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