Annual accounts posted for The Range, by parent Norton Group Holdings, show that overall sales generated by The Range for the year ended 31st January 2022 came in at £1.411bn which is up from the £1.353bn for the prior year. However, when it came to gross profits there was an 8.1 per cent decline, attributed by the value retail chain to its greatly increased shipping costs and to the fact that long-delayed orders landed closely together, filling its warehouses ‘ to the gunnels’.
The Plymouth headquartered business, which was founded by former market trader, Chris Dawson had opened 17 new stores during the financial year. Business remains robust despite significant pressure on the cost of goods and rising energy costs. The Range had suffered exceptionally high rent and demurrage costs due to delayed shipments amounting to £56m which was up by £55m over the previous year. This was attributable to unprecedented challenges in the global shipping industry and supply chain logistics. These issues have been felt across the retail sector due to mounting container backlogs in China’s key docks caused by the pandemic.
In the company’s report Chris Dawson said: “The UK experienced unprecedented challenges to supply chains, with shortages of staff, materials and transport delays occurring simultaneously with spikes in demand, ultimately driving up prices and disrupting the flow of goods.”
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