Hobbycraft posts 8th consecutive year of sales growth

811

Hobbycraft has hailed a successful transformation strategy after revealing rising revenues for the eighth consecutive year.

In the 12 months to February 2018, the arts and crafts retailer saw revenue increase 6.4 per cent to £168.5 million.

This was thanks to store growth of 2.3 per cent, and healthy online growth of 21.5 per cent, now representing 9.8 per cent of total revenues.

Its store network has also continued to grow, opening four stores during the year bringing the total to 90, while EBITDA jumped 32 per cent to £7.4 million.

“We are very pleased with our financial and operational performance during the year,” Hobbycraft’s chief executive Dominic Jordan said.

“Revenue has grown for the eighth consecutive year to reach £168.5 million as our business transformation plan continues to deliver results.

“We have seen growth in all channels (total growth of 6.4 per cent, combined like-for-like growth for stores and e-commerce of 3.9 per cent) within a challenging retail environment.

“I am particularly pleased with the 33 per cent improvement in EBITDA, achieved through a robust programme of operational improvement.

“Looking ahead, we will continue to invest in multi-channel expansion whilst continuing to improve our overall customer proposition and experience.”

Click here to sign up to Retail Gazette‘s free daily email newsletter