Hobbycraft sales slump following lockdown store closures

Hobbycraft online workshop

Hobbycraft sales and profits slumped due to coronavirus-related store closures, although trading has improved since April reopening. 

Revenues decreased by 8.6% to £177m in the 53 weeks ended February 21, while store sales declined by £53m due to the restrictions and like-for-like sales dropped by 11%.

Operating profit also fell from £2.7m to £1.3m across the year, while EBITDA fell by 7.2% to £14m in the same period. 

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