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Benchmark Sales £m Gross profi t £m


9.8 10.5 11.0 11.6 2.2


2.4 2.6 2.8


STEWARTS: STOCKTURN CHAMPIONS The Numbers


6.0 4.2


Operating profi t £k 319 425 431 545 491 -9.9 Pre-tax profi t £k Staff


Salaries £m


The Ratios Stockturn


Gross margin % 3.1 3.4 3.6 3.6


2018 THE GARDEN MARKET SUPPLEMENT VAN HAGE: A PARADOX


12/13 13/14 14/15 15/16 16/17 %change 9.3 2.4


234 347 374 515 454 -11.8 211 219 229 235 231 -1.7 3.0


7.1 7.2 2.5


4.1 3.6


4.8 7.0


5.0 4.7


6.3 6.4


The Numbers Sales £m


Gross profi t £m


12/13 13/14 14/15 15/16 16/17 %change 17.2 18.2 19.1 19.4 18.4 7.8


7.8 8.4 8.7 8.3


-5.1 -4.4


Operating profi t £k -243 -237 298 129 269 108.5 Pre-tax profi t £k Staff


1.8


12/13 13/14 14/15 15/16 16/17 %change 6.2


Operating margin % 3.4 Net margin %


25.2 22.4 22.5 24.1 23.7 4.3 3.5


Staff costs/turnover % 31.9 31.8 32.5 32.6 31.3 Return on capital % 3.1 DIY Week index


4.3 -72.4 160.4 211.9 150.9 162.3


Two things about Stewarts: fi rstly, its average stockturn is among the best in the industry, beaten only by Woodcote Green and Bents; and secondly, its staff costs are among the worst in the industry, exceeded only by Barton Grange and Coolings (in fairness, there are signs that the salary bill is coming under control). To appear close to the top of one league table and close to the bottom of another is an interesting achievement. That aside, sales have grown steadily – the fi ve-year average growth rate is on par – and margins grew steadily until 15/16, then appeared to come under pressure. This may be due to the acquisition of the Abbey Garden Centre at Fareham at a cost of nearly £1.5m.


WEBBS: ABOVE AVERAGE GROWTH The Numbers


Sales £m Gross profi t £m


Operating profi t £k Pre-tax profi t £k Staff


Salaries


The Ratios Stockturn


Gross margin %


14.7 15.6 16.2 16.7 6.9


7.4 7.7 7.8


-8.4 -1.6


4.2 -15.0 3.9 -16.8 -3.9


3.9 -37.1 Salaries £m


The Ratios Stockturn


Gross margin %


-591 -507 283 -45 125 -377.8 296 273 296 301 318 3.8


3.9 5.3 4.1 5.6 1.6 4.3 4.3 6.3 0.7


Operating margin % -1.4 Net margin %


-3.4


45.3 43.0 44.0 44.6 45.0 -1.3 -2.8


1.5 -0.2 -6.5 4.5 -0.7


Staff costs/turnover % 22.3 21.5 21.3 22.1 23.1 Return on capital % -7.0 DIY Week index


-32.3 -41.0 46.0


6.9 10.7 0.7


1.5 119.8 0.7 -392.8 4.3


1.8 -366.4 6.7 -51.7


Van Hage is something of a paradox. On the one hand, there is a pattern of only modest annual sales growth, falling back in 16/17, and the average growth rate over the past fi ve years is below the sector average. The gross margin is consistently lower than the sector average, too, which suggests that the Van Hage team need to either buy better or price more ambitiously (or both). On the other hand, the staff costs are among the lowest in the sector; the business is back in profi t after a period of losses; and there has been a massive improvement in stockturn over the past fi ve years, up from 3.7 times to 6.9 times, and now close to the top of the table.


2013 2014 2015 2016 2017 %change 13.6 6.4


3.0 1.3


810 1,137 1,909 1,581 933 -41.0 528 916 1,705 1,481 804 -45.7 290 294 301 308 312 1.3 3.3


3.4 5.2 3.5 5.0 3.8 4.2 4.7 3.9


9.7 9.1


8.8 10.5


2013 2014 2015 2016 2017 %change 4.6


Operating margin % 6.0 Net margin %


47.2 46.7 47.4 47.4 46.6 7.8 12.2 6.2 10.9


Staff costs/turnover % 24.2 23.5 22.5 23.7 25.4 Return on capital % 5.7 DIY Week index


6.6 11.0 2.6 312.7 399.5 178.7 69.0


Webbs of Wychbold is showing steady sales growth, and the fi ve-year annual average growth of 4.2% is well above the sector average. The drop in operating profi t in 2017 appears to be the result of investment in redeveloping the restaurant and food hall; gross margin is consistently in line with the market average. Stockturn is slowing down: four years ago it was 5.2 times against a market average of 4.9 times, and while the market average hasn’t changed since then, Webbs’ fi gure is down to 4.1 times in the latest accounts. Staff costs are rising faster than turnover, too; but even so, Webbs’ fi ve-year average of 23.9% is the eighth lowest of the 26 companies covered by Benchmark.


22 DIY WEEK GARDEN MARKET SUPPLEMENT


4.1 -12.2 -1.7


5.6 -42.7 4.8 -47.3 7.3


4.6 -48.0


WHITEHALL: STRONG PERFORMANCE The Numbers


Sales £m Gross profi t £m


9.9 10.8 12.2 13.1 4.5


4.9 5.6 6.1


5.6 -1.1


12/13 13/14 14/15 15/16 16/17 %change 3.7


2012 2013 2014 2015 2016 %change 9.6 4.4


7.3 7.7


Operating profi t £k 316 530 757 1123 993 -11.6 Pre-tax profi t £k Staff


Salaries £m


The Ratios Stockturn


Gross margin %


215 409 645 1011 886 -12.4 169 172 184 192 210 2.3


2.2 5.7 2.3 5.5 2.2 3.0


7.0 5.9


6.5 2.5 5.2


9.2 8.3


7.9 2.7 5.4


Operating margin % 3.3 Net margin %


46.2 45.5 44.9 46.1 46.3 5.3 4.1


Staff costs/turnover % 23.6 22.4 21.4 20.2 20.6 Return on capital % DIY Week index


5.5 -109.3 87.2 362.9 597.0 299.4


Whitehall has shown consistent strong sales growth over the fi ve years of the Benchmark report, with annual average growth of 5.1%, against a market average of 3.5%. We make Whitehall the seventh fastest-growing operator in the market. The gross margin has recovered after a slight dip a few years ago, but is still a little below the market average; the operating and net margins grew very strongly up to 2015, then fell back, and the accounts don’t make it clear why this should be. On the plus side, the stockturn is very consistent, and consistently well above the market average; the staff costs are lower than average, and steadily getting lower; and overall, Whitehall records a strong DIY Week Index performance.


www.diyweek.net


3.4 0.3


9.4 9.3


2012 2013 2014 2015 2016 %change 5.2


7.6 -17.6 6.8 -18.4 1.8


6.6 -15.8


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