Beauty retailer Space NK has enjoyed full-year sales and profits growth new accounts show, helped in part by stores performing ahead of expectations.
For the year to March 25 turnover jumped 23% to £146.6 million, and the firm recorded a £2.3 million pre-tax profit compared to a loss of £1 million in the prior 12 months.
Andy Lightfoot, chief executive of the chain which opened its first one in Covent Garden in 1993, said: “Our achievements in FY23 are testament to the investments made in the previous year and our continued focus on brands and customers resulting in strong top and bottom line growth.”
He added that stores were a particular highlight “performing beyond our expectations and we were particularly pleased with the strong response to our new store format with 6 open across the country and further rollout plans for this year”.
Sites that opened during the period included a new concept store at Battersea Power station. It features traditional selling space, as well as a refilling station for products and skincare treatment rooms.
Lightfoot also pointed to online performing positively for the retailer which is owned by Manzanita Capital. He said: “Overall we were pleased with the results and how these have continued into the current financial year.”
Space NK’s strategic report said: “The future outlook is positive given the increasing evidence post Covid of customers desire to shop in an omnichannel environment, a key differentiator of the company to much of its competition.”
Today the retailer has more than 70 UK and Ireland stores and a further 29 in the US.
It has a number of London shops including in Marylebone, Cheapside, Kensington, and Muswell Hill.
