Beaverbrooks hails record breaking sales
Beaverbrooks, the family-owned jewellery and watch retailer, has posted record breaking sales in its latest accounts with turnover up 64.4% on its 2020-2021 financial year.
Sales were also 41.3% higher than its most profitable centenary year in 2019-2020. The retailer put the uplift down to its focus on protecting and engaging staff across its 70 stores, head office and warehouse operations. This has included introducing a new profit bonus for to support the finances of office teams and store management during the cost of living crisis.
Meanwhile, operating profit surged by 117% to £35.3 million year-on-year.
Anna Blackburn, managing director of Beaverbrooks, 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.”
Now in its 103rd year, Beaverbrooks said key business strategies have included additional investment in stock to help mitigate disruption to product availability and the launch of the Loupe luxury diamond, jewellery and watch brand. Loupe opened a flagship boutique in Milton Keynes in June and will launch a shop in Croydon in the spring of 2023. It is also planning to introduce a luxury ecommerce site later in the year.
Mark Adlestone, chairman of Beaverbrooks, said: “As a family-owned business, doing the best thing for our people is in our DNA, and this is reflected in every decision we make as a company. By staying true to our values, we have been able to deliver a record-breaking year of sales and profit – introducing a profit bonus, protecting our colleague’s jobs and keeping pay and hours fair.”
Beaverbrooks operates 70 stores across the UK.
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