- Full-year EBITDA jumps 63% to £10.9m
- Like-for-likes rise 4.8%
- Sales up 7.6% to £151.8m
- Online sales leap 36%
Hobbycraft has posted a healthy jump in annual sales and profits helped by website improvements, new stores and a focus on value.
The specialist arts and crafts retailer said EBITDA soared 63% to £10.9m in the year to February 21.
Like-for-likes in the period rose 4.8%. Total sales climbed 7.6% to £151.8m.
Online sales jumped 36% and now represent 7% of turnover, the retailer said.
Chief executive Catriona Marshall said: “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.”
Hobbycraft this year launched a ’Buttoning Down Prices’ campaign as it upped its focus on value. The initiative included cutting prices on 2,000 products, introducing “hundreds” more £1 lines and having a “simpler” promotional strategy.
The retailer, which operates from 85 shops, has opened small-format stores in Borehamwood and Greenwich in the last year. Two more stores are expected to open in Newcastle and Ipswich this year.
On current trading, Marshall added: “This year’s performance demonstrates that we are on track to achieve further significant growth in sales, market share and EBITDA.”