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Hotter Shoes owner Unbound Group posts ‘encouraging first half performance’


Hotter owner Unbound Group reports 'encouraging first half performance'
// Unbound Group sees revenue growth of 10.4% to £27.6m
// CEO Ian Watson said he remains confident despite current market conditions, “which have become more challenging in recent weeks”

Hotter Shoes owner Unbound Group has seen first half revenue growth of 10.4% to £27.6 million after making “good strategic progress” throughout the period.

The retailer said it made an EBIT loss of £0.3 million after taking into account costs relating to the technical launch of its new curated multi-brand platform for its core 55+ customer demographic.

In an update on the performance of Hotter Shoes, the group said the combination of its UK manufacturing facility and strengthened supply chain enabled it to respond to shifting consumer behaviours, benefiting its performance “in an unpredictable environment”.


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Unbound Group chief executive Ian Watson said: “Unbound Group has delivered an encouraging first half performance that builds on the momentum of 2021, despite the increased challenges of high inflation and a volatile and unpredictable consumer
environment.

“The combination of further growth in sales and gross margins demonstrates the
effectiveness of our strategic initiatives and the value that our customers attach to our core Hotter product, giving us confidence despite the market conditions, which have become more challenging in recent weeks.

“We have made good strategic progress in H1 and will continue to focus on efficiency
gains and cost management in H2 to protect margins. We are confident in our brand and the benefits that will result from this focus and our continued ability to deliver our strategy over the long term.

“The broader revenue base we have created with the launch of the Unbound platform marks an important strategic shift for the Group. However, we remain mindful of the growing pressures on consumer spend.

“Consequently, we continue to review and adapt to the changing market conditions,
maintaining our specialist focus on our core customer demographic of financially resilient 55+consumers.”

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