High Street

Hobbycraft reports eighth consecutive year of sales growth

Arts and crafts retailer Hobbycraft has reported its eighth consecutive year of sales growth, driven by multi-channel platform expansion.

The group’s full year results ending 18 February 2018 saw total revenue increase by 6.4% to £168.5m, and like-for-like store increase by 2.3%. E-commerce retailing also grew by 21.5% and now represents 9.3% of all revenue for the retailer.

The group its strategy is to focus on “customers and value propositions”, and to build its customer base through a “greater understanding of their preferences and deliver a more targeted proposition”.

Former Tesco UK CEO, Matt Davies, was recently appointed as the new chairman of Hobbycraft. He stepped down from his previous position at the end of April following Tescos’ merger with Booker, and succeeded Archie Norman who left after over four years in the role.

CEO Dominic Jordan, said: “We are very pleased with our financial and operational performance during the year. Revenue has grown for the eighth consecutive year to reach £168.5m as our business transformation plan continues to deliver results.

“We have seen growth in all channels (total growth of 6.4%, combined LFL growth for stores and e-commerce of 3.9%) within a challenging retail environment. I am particularly pleased with the 33% improvement in EBITDA, achieved through a robust programme of operational improvement.”

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