Hobbycraft posts 12.8% rise in sales
Hobbycraft has reported that sales rose by 12.8% to £95.2 million in the year to 20 February. EBITDA increased by 18% to £14.4 million, up from £12.2 million in the previous year.
The results mark the retailer's first full year under the ownership of private equity firm Bridgepoint. During this time, the company introduced a new three phase operational plan and appointed a new CEO Catriona Marshall. It also opened four new stores.
Hobbycraft has benefited from the increasing popularity of crafting and baking both in the home and in schools.
Commnting on the results, Catriona Marshall said: "The company’s performance over the past year has been encouraging and reflects the growing popularity of arts and crafts in the UK. The business is undergoing a lot of change, as we look to appeal to new customer groups. We are still only part-way through implementing our plan with a new management team in place which has the relevant skill set and experience to drive profitable growth."
Hobbycraft said it had embarked on a store refit programme and also planned to rationalise its stock and suppliers, increase global sourcing and introduce more centralised distribution to make the business more efficient
Hobbycraft operates 53 stores throughout the UK and employs over 1,000 people.
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