// Beaverbrooks profits and sales rise in the 12 months to February 28
// The retailer “has prioritised its colleagues to safeguard the business and drive financial growth”
Beaverbrooks has recorded rising profits and sales despite the impact of store closures during the pandemic.
The jewellery retailer posted an operating profit of £35.3 million in the 12 months to February 28 – more than doubling the £16.3 million it made the previous year.
Group sales rose 64.4% year-on-year to £202.4m million and were up 41.3% on pre-covid levels. Gross profit margin hit 21.6%, compared to 15.1% in 2020/21.
READ MORE: Beaverbrooks enjoys boost as UK prepares festivities after Freedom Day
Beaverbrooks revamped or opened seven stores during its financial year, including its shops in Manchester Arndale and Glasgow’s Silverburn Shopping Centre.
Since the year-end, it has injected £2 million into launching its new brand Loupe. The first flagship boutique opened in Milton Keynes in June, with a second planned for Croydon next spring.
It will also launch an ecommerce proposition later this year.
Beaverbrooks said it had seen “rising demand for immersive, highly personal luxury retail” despite the impact of the coronavirus crisis and now the cost of living crisis.
The retailer “has prioritised its colleagues to safeguard the business and drive financial growth”.
Beaverbrooks has introduced a new profit bonus for employees, and increased pre-existing bonuses, to help store and head office staff navigate the cost-of-living crisis.
Beaverbooks managing director Anna Blackburn said: “We are absolutely delighted with this year’s financial results, and are immensely proud of our people for coming together and helping to deliver a record-breaking year of sales.
“We also cannot thank our customers enough for their continued loyalty through these uncertain times, especially through the ups and downs of the pandemic.
“We have learned a lot over the past few years about planning and strategy, and seeing these results confirms our belief that putting people first reflects in the bottom line. As we navigate uncertain times ahead of us, we will continue our commitment to supporting our colleagues and making our company the fantastic place to work that it is.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
