Hobbycraft reports eight consecutive years of sales growth

Arts and crafts retailer, Hobbycraft, has published its eight consecutive year of sales growth.

Revenue increased by 6.4% to £168.5 million for the year ended 18th February and the company reported a 2.3% rise in like-for-like sales in stores.

Online sales soared by 21.5%, resulting in a 77.7% rise in profits for this channel and now represents nearly 10% of the retailer's business.

The chain opened four new stores during the reporting period, bringing the total to 90.

Dominic Jordan was promoted to Chief Executive Officer in April 2018, following John Colley's move back to Kingfisher, last year. 

Dominic Jordan, Chief Executive of Hobbycraft, said:

"We are very pleased with our financial and operational performance during the year.

“Revenue has grown for the eighth consecutive year to reach £168.5 million as our business transformation plan continues to deliver results.

“We have seen growth in all channels (total growth of 6.4 per cent, combined like-for-like growth for stores and e-commerce of 3.9 per cent) within a challenging retail environment.

“I am particularly pleased with the 33 per cent improvement in EBITDA, achieved through a robust programme of operational improvement.

“Looking ahead, we will continue to invest in multi-channel expansion whilst continuing to improve our overall customer proposition and experience.”

Source : Insight DIY Team

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