Space NK unveils expansion plan amid double-digit growth

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Space NK
// Space NK eyes 69 new stores in the UK and Ireland
// It also wants to open new stores in the US
// New follows double-digit growth in like-for-likes and pre-tax profit

Space NK is bucking the high street gloom after it unveiled plans to open more stores across the UK amid double-digit sales growth.

Chief executive Andy Lightfoot – who has only been at the helm since early June – said the beauty retailer was looking to expand its 69-strong network across the UK and Ireland, as well as its US chain over the next few years.

He told PA that the next tranche of openings will cap a decade-long store expansion run and follows double-digit like-for-like sales growth in its first quarter to the end of June – and “substantially” higher growth online.

He added that the bottom line is “healthy” but not growing as fast as sales, mostly due to the focus on investing in its store estate.

However, for the year ending March 31, pre-tax profits for the year surged 44 per cent year-on-year to £6.3 million while sales grew 6.7 per cent to £102.9 million.

Meanwhile, underlying pre-tax operating profits grew eight per cent at £6.4 million.

Space NK’s expansion plans will see the retailer open new UK stores including in Marlborough, Wiltshire; Beverley in Yorkshire; Brent Cross; and Reigate in Surrey.

In the US, it is opening two this year as part of a progressive expansion of its 41-strong store estate across the Atlantic.

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