Lakeland has reported its results for the year to December 31st 2013. Whilst its annual sales edged up from £157 million to £166 million with home shopping 4.6 per cent up and retail 4.9 per cent up, profits fell from £61.18 million to £3.01 million compared with 2012. Increased competition in the home baking arena, driven by TV programmes including the Great British Bake-Off, spawned greater competition in the niche resulting in reduced margins for the business.
Lakeland had invested £10 million in its new and more efficient distribution centre, and opened seven new UK stores during the year which also saw it launch into the German market with a dedicated website and German language catalogues from which it has yet to generate a profit.
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