Cycling Weekly reports that Wiggles yearly sales have soared 19% in 2013 which increases their turnover from £141 million in 2012 to £168 million.
In our early reports on the turnover of Wiggle and Chain Reaction Cycles we noted that CRC reports a 2012 turnover of £170 million and while their 2013 profits have risen, their turnover has dropped 6% to £145 million.
CRC turnover discrepency in reports
The BBC article also note sa CRC 2012 turnover of £156 million, lower than we have originally reported, but confirmed by other media such as bikebiz. Our original source for the reported £170 million is a 3rd party service provider called Export Technologies who reported in a Chain Reaction Cycles Case Study:
From 2008 to 2012, Chain Reaction Cycles tripled its online revenue, finally reaching over £170m in annual turnover by the end of 2012. Roughly two thirds of these sales came from outside the UK.
Wiggle is now the number 1
But the good news for Chain Reaction Cycles is that it has increased on it’s 2012 profit £861,000 with a healthier 2013 pre-tax profit of £4.8 million which the company attribute to “improved sales margins and ‘significant overhead cost savings'”.
The 2013 profit for Wiggle is not yet available however in 2012 they recorded a pre-tax profit of £12.3 million and have noted that they have strong investments (costs) as the Team Wiggle Honda sponsor and overseas investment such as their first overseas office in Sydney, Australia.