Hobbycraft to open three new stores as it announces full year EBITDA uplift
Arts and crafts retailer Hobbycraft is to open three new stores after announcing that its full year adjusted EBITDA has risen to £15 million from £13.8 million in the prior year.
In addition, revenue climbed by 14.8% in the 2022 financial year to £203.1 million and ecommerce sales grew by 58.2% from the point that stores reopened in April 2021 compared to pre-pandemic levels.
Hobbycraft launched seven new stores in the period, including in places like Leicester, Rochester and Boucher Crescent in Northern Ireland. It is also planning to open three new shops in Biggleswade, Bromborough and Southend in the new financial year, with the outlets creating 40 retail jobs.
Dominic Jordan, Hobbycraft chief executive, said the company is now looking at launching a new website, workshop channel, subscription model and further new stores, although he added: “We are conscious that the year ahead will be very challenging, particularly given the significant inflationary pressures on our customers, and we are starting to see this impact on market demand in the early part of full year 2023.”
