WiggleCRC full year results show deepening losses

Bike e-tail giant Wiggle’s full year results have shown a loss of £3.2 million in the 52 weeks to January 1st, an increase on the prior year’s £2.7 million dip, reports Retail Week.

Having purchased rival Chain Reaction Cycles in a deal that finalised in July last year, the firm’s overall turnover has risen by 15%, accounting for £205 million in sales.

UK-specific sales rose to £103 million, up 2%, while European and rest of world sales drove growth, accounting for £40 million (up 21%) and £62 million (up 44%), respectively.

The losses were pinned on investment in developing its warehousing, as well as costs tied to the acquisition of CRC.

Shifts in currency have been a positive to the company, with the weakened pound driving international sales.

Wiggle said of the figures: “The merger with CRC, the significant equity investment, the developing FX position, the payback on completed investments and the continued support of customers and suppliers underlines WiggleCRC’s position as a major global force in tri-sports, cycles and cycle apparel.”

The Bridgepoint backed business now has over 2.2 million active customers in over 70 countries with over 50% of its sales outside the UK.