Hobbs alight with profits hike

Privately owned fashion chain Hobbs has revealed an increase in sales in the year to January 29 to£67 million. Pre-tax profits for the period were also up a third to£11.7 million.

Hobbs was acquired by its management, with funding from private equity group 3i, for£111 million in November. Hobbs managing director Nick Samuel (pictured) is reported to have said that Christmas trading was tough, but recent performance has improved dramatically. He expects the signs of improvement seen at the moment to feed through in the autumn.

The retailer is undergoing a period of fast growth this year, with 16 concessions and a number of stores planned in smaller towns.

Samuel also signed a deal in January with franchise partner Jawad Business Group to handle the setting up of up to 6 stores in the Middle East.