Hobbycraft sales up 12%
Out of town art and craft retailer Hobbycraft has reported a 12% increase in full year sales as it continues to upgrade its stores and overhaul its trading and financial systems.
In the 52 weeks to 19 February, the retailer's EBITDA also grew, climbing 9% to £15.6 million.
Hobbycraft said it had invested £7 million in a store development programme and opened ten new stores in the year. A further 14 new stores are scheduled to open this year as the retailer works to double the number of shops to 150 over the next three to five years. There are also plans to relaunch the Hobbycraft website, introduce a mobile transactional site and launch a Click & Collect service.
Catriona Marshall, Hobbycraft CEO, explained: "Behind the scenes, as part of our business transformation programme, the overhaul of our trading and financial systems has continued and is expected to be completed by the end of this year.
"We have also invested in our supply chain, worked with new and existing suppliers to eliminate duplicated products and improved stock quality."
Regarding the outlook Marshall said: "The current economic climate is deeply uncertain and this is naturally affecting consumer confidence in the UK.
"Hobbycraft is, however, well positioned to withstand general retail weakness, given its specialised offer, low ticket price and dedicated customer base."
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