In a period marked by significant challenges, a prominent golf equipment retailer has reported notable sales increases as part of its ongoing strategic ‘reset’ under the leadership of Nigel Oddy, its newly appointed chief executive.
The organisation, which has its headquarters in Warrington, faced numerous obstacles including the pandemic, the cost-of-living crisis, and unseasonably poor weather that resulted in reduced playing time for customers. However, the retailer’s financial performance has shown improvement, evidenced by its recently released unaudited figures for the 2023/24 financial year. The data revealed a slight increase in turnover, a reduction in pre-tax losses, and a return to an EBITDA surplus.
Nigel Oddy, who joined the parent company after a brief tenure at another major retailer, brought with him extensive experience from leading roles in well-known high street brands. Under his leadership, the retailer reported revenues of £135.8m, a modest rise of £300,000 from the previous year. Additionally, pre-tax losses halved to £5.2m, and the company achieved a positive pre-exceptional EBITDA of £4.3m—a turnaround of £5.7m. The firm has also maintained its substantial share of the golf retail market.
Ahead of its forthcoming audited figures, the retailer disclosed that for the six months leading up to August, it experienced a £1.4m uplift in like-for-like (LFL) sales, marking a 1.8% increase. The surge in sales was primarily driven by equipment, clubs, and footwear, suggesting that its aim to be the ultimate destination for golfers is resonating with both returning and new customers.
Investment in the company’s national store portfolio has also yielded significant returns. The Thurrock store, for instance, saw a 35% LFL sales increase, translating to £100,000 in just ten weeks following its refurbishment and reopening. Similarly, the Norwich location reported a 65% LFL sales increase, amounting to £200,000 in five months since its relocation. These results underscore the effectiveness of the retailer’s strategy to modernise its physical stores.
Despite a challenging start to the season, characterised by wet weather conditions that led to a decrease in the average number of rounds played per course, the retailer managed to boost its LFL market share by 1.4% in the six months leading to August. This achievement is attributed to a renewed focus on customer experience, which includes personalised campaigns, new listening tools, and an enhanced loyalty programme designed to treat every customer as a VIP.
Nigel Oddy expressed his satisfaction with the company’s performance, noting, “We are pleased with our performance, despite the delayed start to the golf season, caused by the unusually wet weather. Although a slow start to the financial year, we have seen strong results in recent months, and I am confident we will continue this growth for the remainder of the year.”
Oddy emphasised the importance of advancing the retail stores and customer experience as top priorities for the remainder of the year and beyond. Investing in new technology and bespoke services, along with maintaining high standards of customer service, will, according to Oddy, sustain the brand’s strong market position.
The financial improvements and strategic initiatives undertaken by the retailer indicate a resilient response to ongoing economic challenges, with a promising outlook for continued growth and market presence.
