Hotter Shoes has reported that its online sales for the six weeks to December 31st were 24 per cent higher than for the same period in 2019. It posted full-year revenues of £45 million to the end of December 2020, saying that it forecasts that turnover will increase in this current fiscal year to around £57 million.
2019 was a difficult year for the business which included its owner Electra Private Equity launching a CVA to avoid the risk of administration. The CVA will enable the closure of around 46 UK stores, significantly reducing costs.
“Despite the uncertainty and tough retail environment brought on by both Brexit and the coronavirus pandemic over the last 12 months, we have had a strong year,” said Hotter CEO Ian Watson. “We expedited our five-year business strategy to meet the demands of the changing retail landscape and our growing digital base, and as a result, we were able to report a strong surge in online sales for 2020. 90 per cent of new customers over the past 12 months have been acquired through our digital channels.”
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