Jewellery retailer sparkles as sales and profits surge
Jewellery and watch retailer Beaverbrooks hit record-breaking sales in its 2021-22 financial year.
The family-owned St Annes-based business achieved a 64.4% increase is turnover of £202.4m, against £123.1m the previous year, and £143.2m in the pre-COVID 2020 results.
Operating profits more than doubled, from £16.3m in 2021 to £35.3m this year. The gross profit margin of 21.6% compared with 15.1% a year ago.
This year, a new profit bonus was introduced to further support the finances of office teams and store management amid the rising cost of living, in addition to enhancing existing bonuses for store colleagues.
The 103-year-old group operates across 70 stores, as well as its significant online presence.
It made additional investment in stock to help mitigate disruption to product availability following Brexit shortages. Beaverbrooks also progressed seven store refurbishments and openings across its portfolio in 2021/22, including recent investments in its Chester, Glasgow, Silverburn and Manchester Arndale shopping centre stores.
Beaverbrooks has also invested more than £2m in the launch of a new carefully curated concept, high-end luxury diamond, jewellery and watch brand – ‘Loupe.’ After three years in planning, Loupe’s flagship boutique opened its doors in Milton Keynes in June 2022, with a Croydon boutique launching in spring 2023. Loupe will also introduce a luxury e-commerce proposition for online purchases later in the year.
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.
“People and relationships have always been at the heart of everything we do at Beaverbrooks, and with the lasting effects of the pandemic and the current cost-of-living crisis, it is more important than ever for us to retain this approach, protecting the livelihoods of our colleagues, their families and the communities we serve.”
Chairman, Mark Adlestone, said: “By staying true to our values, we have been able to deliver a record-breaking year of sales and profit – introducing a profit bonus, protecting our colleagues’ jobs and keeping pay and hours fair. It’s also meant that, via The Beaverbrooks Trust, we’ve been able to donate over £2m to charities at a time when it has been needed most.”
