Space NK to open 10 new shops next year as sales surge

The retailer is set to open a similar number of new stores each year in the medium term, as demand for its products continues to grow.

Chief executive Andy Lightfoot said he is a “real believer” in physical retail and will open new shops across high streets and shopping centres in the UK.

According to figures seen by The Times, Space NK’s turnover rose 34% to £196.5m in the year to March, with pre-tax profit rising from £1.5m to £7.5m during this period.

It has sustained growth into the current financial year, with half-year turnover reaching 38% year on year. 

Comparable shop sales rose 24% and online sales increased 35% during the first six months of the year.

Space NK operates 78 stores in the UK and Ireland with two more opening this month. 

Lightfoot said it is experiencing double-digit customer growth across all age categories and its varying price points and mix of “hard to find brands” such as La Mer and Drunk Elephant is resonating with customers.

He said: “Beauty has always tended to be more resilient than other categories. We see much steadier growth, which is less susceptible to the peaks and troughs of sentiment than some of the other retail sectors where it’s a little bit more extreme.”