// Space NK profits have halved after it invested in new store openings and improving its website
// In the year to March 30, Space NK posted profits of £3m, compared with £6.3m a year earlier
// Sales increased 6% to £109m during the year
Space NK has seen its profits halved last year after it injected cash into new store openings as well as developing its website.
In the year to March 30, the cosmetics retailer posted profits of £3 million, compared with £6.3 million a year earlier, according to files recently lodged at Companies House.
Sales increased by six per cent to £109 million during the year.
READ MORE:
Space NK has more than 70 stores across the UK in locations including London, Bath, Cheltenham and Windsor, as well as one store in Dublin and a couple in the US.
The company has opened a further six stores since the end of March.
“Through the first three quarters of the current financial year the business has continued to enjoy six per cent like-for-like growth and added six more stores to our estate, with a further two planned in this current financial year,” Space NK chief executive Andy Lightfoot said.
In June, Lightfoot was promoted to chief executive after serving as Space NK’s group digital director since October 2016.
Click here to sign up to Retail Gazette‘s free daily email newsletter
