Hamleys drafts in new finance chief after profits nose dive

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Hamleys CEO

Hamleys has appointed a new finance chief just one week after it revealed full year profits had fallen by more than 500 per cent.

In an internal note seen by City AM, chief executive Ralph Cunningham revealed the toymaker would be replacing Alex Jablonowski with former House of Fraser executive Yong Shen.

Shen recently left the department store and his role as financial officer.

In the note, Cunningham said it was “with regret” that Jablonowski was leaving the company after just 18 months in the position, adding: “Alex has been an integral part of our team during his time at Hamleys and we wish him all the very best for the future.

“Yong Shen will be joining the business as CFO later this month and we look forward to welcoming him to the team.”

Last week Hamleys revealed that for the year to December 31 2017, the iconic toy retailer saw profits drop from £2.6 million in 2016 to a £12 million loss, while revenues dropped 2.5 per cent to £66.3 million.

The reduction in its store estate, which now includes 100 franchise units and 29 stores, was attributed to its falling sales, while it blamed a number of factors including the implementation of its transformation plan to its stark decline in profits.

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