// Hobbs back in profit as it ramps up expansion
// It made a pre-tax profit of £6mn, compared with a loss of £4.7m
Hobbs has reported a “strong performance” within a “challenging retail environment” after it revealed a return to profit.
In the year to March 30, the upmarket retailer’s turnover edged up to £135.4 million from £132.6 million.
It made a pre-tax profit of £6 million, compared with a loss of £4.7 million previously when Hobbs incurred a number of corporate costs relating to its 2017 sale to South African firm The Foschini Group.
The retail conglomerate, which also own Whistles and Phase Eight, has an asset manager owned by the South African state as its largest shareholder.
In the past year, Hobbs has ramped up the number of concessions it runs, opening 23 in the UK and ten abroad.
“We will continue to invest in the development of unique clothing and accessories for our customer base,” Hobbs said in a statement.
Hobbs currently has 172 concessions and 77 standalone stores across the world.