U.K. Retailer Fopp Posts Gains In 2003

Independent retailer Fopp buoyed by strong DVD and books performance in December, ends up with year-on-year growth of 57%.

U.K. independent retailer Fopp will today announce year-on-year sales growth of 57%. The 14-store chain will report sales of £27.5 million ($50 million) for the financial year ending Nov. 30, 2003, vs. £17.5 million ($32 million) in the previous year.

Fopp, founded in 1981, reports operating profits up 149% to £1.7 million ($3.1 million). The chain's Christmas trading figures show sales up 21% from the same period in 2002; holiday sales in the London store rose 37%.

Fopp cites strong performance of DVDs and books in December. CD sales accounted for 53% of gross profit, compared to 65% the previous year. In March, the chain will introduce its first books-only store in Cardiff, Wales. A new Manchester store, the company's biggest to date, is to open in April.