Hobbycraft reports record full year sales
Art and crafts retailer Hobbycraft has seen its full year sales increase by 7.6% to £151.8 million three years into its business transformation programme.
In the year to 21 February EBITDA climbed by 62.7% to £10.9 million. The company also saw strong growth in online sales which rose by 36.4% to account for 6.6% of turnover.
Hobbycraft chief executive Catriona Marshall said: “Three years of business transformation and investment in infrastructure are paying off. Strong growth was driven by our newly-created distribution centre and supply chain initiatives, together with an expanding store network and established online trading platform. Sales reached record levels, growing for the sixth consecutive year to £151.8 million and with an increase in like for like sales at store level.”
During the year, Hobbycraft expanded its store footprint with the opening of two new stores in Borehamwood and Greenwich, taking the total store network to 83 at the year end. It has also recently opened two stores in Bristol and Ashford, with two more scheduled to open later this year in Newcastle and Ipswich.
Hobbycraft is continuing to transform the business into a multi-channel retailer and said its improved mobile-optimised website boosted online performance.
Marshall added: “As the market leader, we remain focused on delivering the best value and quality for customers, and responding to their ever-changing needs and preferences.
“This year’s performance demonstrates that we are on track to achieve further significant growth in sales, market share and EBITDA.”
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