Beaverbrooks has posted surging profits and sales despite the impact of store closures during the coronavirus crisis. 

Beaverbrooks store front

Beaverbrooks revamped or opened seven stores during its financial year

The jewellery and watch retailer clocked up an operating profit of £35.3m in the 12 months to February 28 – more than doubling the £16.3m it made the previous year.

Group sales jumped 64.4% year-on-year to £202.4m and were up 41.3% on pre-covid levels, according to documents filed at Companies House. 

Gross profit margin hit 21.6%, compared to 15.1% in 2020/21.

Beaverbrooks revamped or opened seven stores during its financial year, including its shops in Manchester Arndale and Glasgow’s Silverburn Shopping Centre.  

Since the year-end, it has also ploughed £2m into launching its new brand Loupe. The first flagship boutique opened in Milton Keynes in June, with a second planned for Croydon next spring. It will also launch an ecommerce proposition later this year. 

Beaverbrooks said it had seen “rising demand for immersive, highly personal luxury retail” despite the impact of the coronavirus crisis and now the cost of living crisis. 

The retailer said that, during that period, it “has prioritised its colleagues to safeguard the business and drive financial growth”. 

As part of those measures, Beaverbrooks has introduced a new profit bonus for employees and beefed up pre-existing bonuses, to help store and head office staff navigate the cost-of-living crunch. 

Beaverbooks said such moves have boosted colleague retention – a third of its workforce has now been with the company for at least five years, while one-in-five employees have racked up more than 15 years of service. 

Beaverbooks managing director Anna Blackburn said: “We are absolutely delighted with this year’s financial results, and are immensely proud of our people for coming together and helping to deliver a record-breaking year of sales. We also cannot thank our customers enough for their continued loyalty through these uncertain times, especially through the ups and downs of the pandemic.

“We have learned a lot over the past few years about planning and strategy, and seeing these results confirms our belief that putting people first reflects in the bottom line. As we navigate uncertain times ahead of us, we will continue our commitment to supporting our colleagues and making our company the fantastic place to work that it is.”

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