Space NK profit rises but warns on impact of Covid-19

Space NK covid-19 lockdown pandemic store closures
Space NK warned of the effects of the pandemic – which began to kick in at the very end of the period
// Space NK turnover reaches £125.7m in the year to March 28, 2020
// Profit on an EBITDA basis increased by £7.8m from £7.5m
// The retailer said lockdown store closures affected sales into its new financial year

Space NK has witnessed a rise in turnover thanks to a “strong performance in the retail online and wholesale channels”.

For the year to March 28, 2020, turnover rose to £125.7 million from £108.9 million in the previous year.

The retailer’s profit on an EBITDA basis increased by £7.8 million from £7.5 million, while net profit rose to £2.6 million from £2.3 million.


READ MORE: Space NK blames shrinking profits on expansion


However, Space NK warned of the effects of the pandemic – which began to kick in at the very end of the period.

It said the future outlook is expected to see “a migration of sales towards the online retail channel, while physical stores are expected to see subdued sales and profitability”.

Space NK’s stores were forced to close due to government regulations towards the end of the period due to a national lockdown.

The retailer said the store closures impacted its retail sales into its new financial year.

Despite this, online sales have offset the decline in retail store turnover, while its wholesale division has been less affected by Covid-19.

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