Art and crafts retailer Hobbycraft posted a strong rise in annual revenue aided by ecommerce improvements, more stores and a greater focus on cutting prices.
Total sales rose 7.6% to £151.8m in the year to 21 February. Like-for-likes were not provided.
Online revenue grew by 36% and now accounts for 7% of total turnover.
Hobbycraft introduced its “Buttoning Down Prices” strategy this year as it attempts to offer lower prices across the board. The campaign cut the prices of 2,000 products and initiated “hundreds” of £1 lines for a “simpler” promotional strategy.
“Strong growth was driven by our newly-created distribution centre and supply chain initiatives, together with an expanding store network and established online trading platform” said Chief executive Catriona Marshall.
“This year‘s performance demonstrates that we are on track to achieve further significant growth in sales, market share and EBITDA.”
Hobbycraft currently operates 85 stores and opened a further small format site in Borehamwood and Greenwich last year. A further two stores are in the pipeline to open in Newcastle and Ipswich this year.
