UK charity shop profits plummet amid shift in secondhand clothes market

British Heart Foundation describes ‘exceptionally challenging’ trading after Oxfam’s retail profit reportedly fell 23% amid rise of platforms such as Vinted

Profits at some of the UK’s best-known charity shops have plummeted as they face a number of pressures, including from online secondhand clothes platforms, prompting claims that a key part of the sector’s fundraising model could be under threat.

According to unpublished accounts seen by the Financial Times, Oxfam’s retail profit fell 23% to £4.9m in the last financial year, compared with £6.4m in the previous year.

The British Heart Foundation (BHF), which has the biggest high street presence of any charity in the country, has announced plans to close 150 stores after they made a loss in the last financial year.