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Ferrow mark Ferrow Strategy + Growth Partners

Quarterly Business Review

Marlow & Co · specialty retail group
Q2 FY27 · May to July 2026

Confidential · board only Presented 12 August 2026 · London
Scroll, click, or press space · F for full screen

02Agenda

Fifty minutes, one decision set.

  1. 01The quarter in three numbers
  2. 02Revenue in context
  3. 03What worked
  4. 04What underperformed
  5. 05Our recommendation
  6. 06The plan to Christmas
  7. 07Decisions we need today
  8. 08Close

03The quarter in three numbers

£8.42m
+6.8% on Q2 FY26
Group revenue for the quarter, against £7.88m last year
31.4%
From 27.9% a year ago
Share of revenue transacted online, £2.64m in the quarter
42.3%
+3.1pts year on year
Customers making a second purchase within twelve months

Chester closed in Q4 FY26; all comparisons are as reported, not adjusted.

04Revenue in context

Growth is back, and online is carrying it.

Of the £0.54m increase on last year, online contributed £0.45m. Store like-for-like added £0.19m and wholesale £0.13m; the Chester closure cost £0.23m against the comparative.

FY27 FY26 FY27 outlook
Quarterly revenue, FY26 and FY27 £7m £8m £9m £10m £11m £7.79m +6.8% YoY £8.42m £7.88m FY26 FY27 Q1 Q2 Q3 Q4
Fiscal year ends late January; Q4 is the Christmas quarter. Q3 and Q4 FY27 are the current outlook, not a commitment.

05What worked

Three things we invested in paid back this quarter.

+20.3%
Online revenue, year on year £2.64m for the quarter, 31.4% of the group. The checkout rework went live on 18 May; conversion moved from 2.4% to 2.9% in six weeks, and mobile now converts above desktop for the first time.
9,400
Marlow Card members from a four-store pilot Eleven weeks of data. Members average a £61 basket against £34 for everyone else, and two thirds have already made a second visit.
+3.1pts
Repeat purchase rate, now 42.3% The post-purchase flows launched in April now reach the full base. Second orders arrive nine days sooner than they did a year ago.

06What underperformed

Homeware went backwards, and two stores stayed below the line.

Homeware fell to £1.21m from £1.36m. Richmond and Harrogate finished £38k negative between them, a third consecutive quarter below contribution threshold.

Category revenue versus Q2 FY26 0 Womenswear £3.61m +13.2% Accessories £1.42m +11.8% Menswear £2.18m +5.8% Homeware £1.21m -11.0% 61% sell-through · £96k of markdowns
Revenue growth by category, Q2 FY27 vs Q2 FY26. £ figures are this quarter’s revenue; categories sum to the £8.42m group total.

07Our recommendation

Run twelve stores well instead of fourteen thinly.

Exit Richmond and Harrogate, recover £310k of annualised contribution, and put it behind the two things that grew this quarter: online and the Marlow Card.

08The plan to Christmas

Three workstreams, one peak season.

Estate

  • AUGLease-break notices served for Richmond and Harrogate
  • SEPExit terms agreed; every member of staff offered a transfer
  • OCTBoth stores closed; stock redistributed across the twelve
Recovers £310k annualised contribution

Digital

  • SEPCheckout rework ships in the app, matching the web gains
  • OCTPersonalised flows extended to the full customer base
  • NOVPeak trading plan locked; capacity tested at 3x daily volume
Target: 33% of revenue online by Q4

Loyalty

  • SEPMarlow Card live in six more stores
  • OCTAll twelve stores live by 17 October
  • NOVMembers’ preview weekend ahead of the Christmas ranges
Target: 25,000 members by 31 January

09Decisions

We need three decisions today.

  1. 01

    Approve the exit of Richmond and Harrogate.

    Both leases carry break clauses exercisable this quarter. Notices must be served by 29 August to complete the closures before peak trading.

    Sponsor: CFO · needed by 29 Aug 2026

  2. 02

    Approve £240k of H2 investment in the Marlow Card rollout.

    £90k platform licence and integration, £150k in-store staffing and training. Funded in full from the estate saving.

    Sponsor: Commercial director · needed by 12 Sep 2026

  3. 03

    Approve a one-off £120k markdown budget for homeware.

    Clears the 61% sell-through position before the autumn range lands in the week of 5 October, rather than carrying it into peak.

    Sponsor: Trading director · needed today

10Close

Thank you.

We will circulate this deck and the underlying model this afternoon. Questions between reviews are always welcome; the engagement team is below.

Prepared by
Rachel Achebe, Partnerwith T. Halvorsen and M. Ito, Ferrow retail practice
Contact
rachel.achebe@ferrow.partners+44 20 7946 0810
Engagement
MAR·QBR·0827Marlow & Co quarterly review cycle, FY27
Next review
Q3 FY27w/c 9 November 2026, ahead of peak trading
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