// Swarovski UK revenues drop due to lower footfall
// Revenues reached £65.1m in 2018, which is a drop compared to £74.2m in 2017 & £83m in 2016
Swarovski has recorded a drop in UK revenues thanks to a decline in footfall and the decrease in its store-estate.
The Austrian jewellery retailer revealed that sales continued to decline in 2018, down by 12.3 per cent, after recording a 10.6 per cent fall in the previous year.
Revenues in the UK reached £65.1 million in 2018, which is a drop compared to £74.2 million in 2017 and £83 million in 2016.
UK revenues have been declining for the past three years, and Swarovski blamed weaker footfall and a decrease in the size of its store network for the drop in sales.
However, the retailer returned to profitability after reducing distribution costs, reporting profit before tax of £2.4 million compared to a pre-tax loss of £1.2 million a year earlier.
Meanwhile, Swarovski’s rival Danish jeweller Pandora said its turnaround plan was on track in mid-August despite a drop in sales and like-for-likes.
Sales for Pandora dropped seven per cent in its second quarter, while like-for-like sales fell 10 per cent during the same period. Total British sales – including new store openings – increased by two per cent, although total UK sales were down eight per cent in the second quarter.