Hobbycraft revenue soars thanks to success online

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Initiatives in store and especially online have helped Hobbycraft achieve another impressive set of company results for the year to February 2019, following nine consecutive years of sales growth.

 

The results show total revenue increased by 5.4% to £177.7m, while adjusted earnings before interest and tax rose 27.8% to £12.2m. Its e-commerce revenue grew by 22.7%.

 

Sales were also boosted by the opening of five new physical stores, taking the total to 94. The craft retailer has said it will focus on launching new smaller stores in a bid to improve profitability.

 

The retailer named its storage trollies as one of its bestselling lines, attributed in part to the ongoing popularity of Marie Kondo’s organisation method.

 

Hobbycraft chief executive Dominic Jordan commented: "We are pleased with our performance and how our offer has improved over the past year.

 

“We continue to pursue our plans for multi-channel growth as we target our strategy to improve the broader appeal of our brand. This is being achieved through leveraging our broad product range which meets the needs of core hobbyists, families and everyday makers, with continued focus on delivering value to our customers.

 

“Our focus remains on great customer service and colleague engagement as we seek to provide help and inspiration to customers in their local communities. Our in-store workshop programme plays a key role where our colleagues demonstrate their incredible knowledge and passion for crafting whilst helping customers with their projects.”

 

Jordan continues: “Looking ahead, whilst we expect the retail environment to remain challenging, we are well placed to continue to execute our growth plans, with initial trading in the first quarter of this year ahead of the prior year.”

 

www.hobbycraft.co.uk

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