Hobbs has posted an increase in full-year profits and sales as the retailer’s turnaround plan begins to pay dividends.
The fashion chain’s gross profit advanced 8.7% to £76.2m in the year to January 28, according to The Times.
Sales climbed at a similar rate of 9% to £119.5m during the period.
Hobbs, which is owned by private equity firm 3i, has shuttered a number of stores, streamlined its head office operations and invested in improving product ranges under boss Meg Lustman.
It is also working more closely with suppliers in order to maintain prices despite rising costs and an inflationary market.
Hobbs is also ramping up its international expansion plans and now sells in 49 different countries through its ecommerce platform and via department store concessions in Germany and the US.
Lustman told The Times that Hobbs’ “brand recognition” was growing particularly strongly in the US, where the retailer operates two standalone stores and also trades from 23 concessions within Bloomingdales.
Since the year end, Hobbs said sales are up more than 7%, while earnings had spiked 139%.
Hobbs is currently up for sale and has attracted interest from the likes of Whistles owner Foschini.
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