Beaverbrooks has urged the government to avoid piling further costs on retailers after it posted a decline in profits.
The family-owned jeweller saw underlying operating profit fall nine per cent to £7.8m last year, while total sales dipped 0.1 per cent to £217m.
Managing director Anna Blackburn said the business had delivered a resilient performance despite rising costs, including increases to employer National Insurance contributions and the minimum wage.
She called on the government to focus on measures that would support consumer confidence and give businesses greater certainty ahead of next month’s Budget.
“The government can’t increase business costs much more,” Blackburn said. “Give business a bit of a break and stimulate some growth and confidence. A long-term, joined-up strategy is critical.”
Beaverbrooks currently operates 56 stores under its core fascia alongside four Loupe boutiques and 22 branded outlets for watchmakers including Omega, Breitling, Tudor and TAG Heuer.
It is continuing to invest in its estate despite the tougher backdrop. It recently opened its fourth Loupe boutique in Sheffield and is preparing to revamp stores at Manchester’s Trafford Centre and Lakeside in Essex.
Blackburn said Beaverbrooks remained committed to the high street, with further investment going into stores, staff, ecommerce and new product development.
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