Crafts retailer HobbyCraft creates strong full-year results
Leading art and craft retailer HobbyCraft has reported an impressive 67 per cent increase in pre-tax profits to £5.4 million as consumers continue to pursue their hobbies during the current tough times.
The figures for the year to February 22 also showed turnover up 10.6 per cent to £68.7 million, which has been helped by the opening of six new stores.
Chris Crombie, chief executive stated: “We are delighted with these results which have been achieved against a tough retail backdrop. HobbyCraft has proved its enduring appeal to a broad cross-section of the population and continues to expand rapidly. With the combination of our new store openings, robust balance sheet and unrivalled product offer, the board is confident of delivering sustained earnings growth in the current financial year.”
The strong trading has continued into the current financial year with the company achieving a like-for-like sales increase of nine per cent for the first 35 weeks since the year-end. This has given the company the confidence to more than quadruple in size to 180 stores over the medium term.
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