Demand for e-bikes reduces losses at Evans
Posted on in Business News ,Brands & Products News , Cycles News
Evans Cycles has reported reduced losses at the full-year mark as the retailer pumped up sales through rising demand for e-bikes.
As reported in Retail Week, the specialist retailer recorded a pre-tax loss of £2.5m in the 12 months to October 28, 2017, down from losses of £5.8m in the same period the previous year.
Sales at the retailer increased 2% to £138.3m during the period.
Evans Cycles hailed its sales growth on categories such as e-bikes and added that the layout of a handful of its 60 stores had been reconfigured to increase its range in this category.
The cycling specialist opened two new stores in Portsmouth and Sutton Coldfield during the period, as well as refitting its Birmingham and Canary Wharf branches.
The retailer said that investing in its websites alongside its cycle-to-work initiative "helped the company grow its revenue and improve profitability year on year despite broader market headwinds".
"The directors remain confident about the medium and long-term prospects for the UK cycling market, noting that UK adult cycling participation is significantly below European averages, especially in cities, while new products such as e-bikes continue to expand the addressable market and the Government continues to invest in improving national cycling infrastructure," said Evans Cycles.