Hobbycraft will open three new stores this year after reporting an uplift in profits.
The arts and crafts retailer said its adjusted pre-tax profit for the 2022 financial year was £15m, up 8.7% compared with the previous year.
Revenues at Hobbycraft grew 14.8% to £203.1m.
The retailer is set to expand its store estate to three new locations in Bromborough, Merseyside; Biggleswade, Bedfordshire; and Southend, Essex.
The move will create 40 new jobs in these areas.
Hobbycraft said it had experienced significant headwinds due to the ongoing cost-of-living crisis and the impacts of the pandemic on freight costs, delays and the enforced closure of its stores for seven weeks of the year.
Chief executive Dominic Jordan said: “As we emerge from the pandemic, the business is incredibly well placed to build on the excellent performance in full-year 2022, with multiple new initiatives including the new website, workshop channel, further new stores and a subscription model, which launches in the coming year.
“However, we are conscious that the year ahead will be very challenging, particularly given the significant inflationary pressures on our customers, and we are starting to see this impact on market demand in the early part of full-year 2023.”
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