HobbyCraft Bucks Recession Trend
Listed under: News
Published: Friday, December 19, 2008
HobbyCraft, the UK’s largest dedicated chain of arts and crafts superstores, is bucking the negative retail trend and reporting significant growth despite the economic downturn, according to the company’s 2008 financial report.
Demonstrating the value of creativity when the financial squeeze is on, HobbyCraft’s turnover for the year to February 2008 grew by £7.7m to £62.1m and pre-tax profits increased by ten percent to £3.2m. Now with 38 stores across the UK and employing over 1,200 staff, HobbyCraft has grown further in 2008, actively pursuing expansion plans while major high street brands struggle. The year ahead is set to be equally dynamic, with the company’s 39th store due to open in Edinburgh in the spring, another in Peterborough later in the year and others in the pipeline.
“We have a loyal base of customers who know they can find what they need to pursue their hobby at our stores,” explains chief executive Chris Crombie. “Not only that, but the trend towards ’make-it-yourself’ and customisation, means that more new customers are discovering HobbyCraft than ever before, with recent Christmas ranges showing a like-for-like sales increase of 17.4%.
“Few businesses are entirely ‘recession proof’ and there can be no denying that the retail environment is tough at the moment,” he admits, however HobbyCraft tills have clearly been ringing. “HobbyCraft hasn’t stopped growing since its inception and has dominated the arts and crafts market. We remain committed to a programme of expansion and our plans to grow the business are forging ahead. The current financial year has got off to a good start with total sales in the first 26 weeks up 16% and like for like sales up two percent. We’re pretty happy with that performance.
“With trading during the Christmas period going well our sales and profits are well ahead of forecast. I am very confident that HobbyCraft’s current performance will enable us to support and sustain the company’s ongoing growth, despite a challenging retail landscape,” he concludes.
Have you benefited from the positive effects of the credit crunch? Email your experiences or comments to .(JavaScript must be enabled to view this email address) or post them below.
Demonstrating the value of creativity when the financial squeeze is on, HobbyCraft’s turnover for the year to February 2008 grew by £7.7m to £62.1m and pre-tax profits increased by ten percent to £3.2m. Now with 38 stores across the UK and employing over 1,200 staff, HobbyCraft has grown further in 2008, actively pursuing expansion plans while major high street brands struggle. The year ahead is set to be equally dynamic, with the company’s 39th store due to open in Edinburgh in the spring, another in Peterborough later in the year and others in the pipeline.
“We have a loyal base of customers who know they can find what they need to pursue their hobby at our stores,” explains chief executive Chris Crombie. “Not only that, but the trend towards ’make-it-yourself’ and customisation, means that more new customers are discovering HobbyCraft than ever before, with recent Christmas ranges showing a like-for-like sales increase of 17.4%.
“Few businesses are entirely ‘recession proof’ and there can be no denying that the retail environment is tough at the moment,” he admits, however HobbyCraft tills have clearly been ringing. “HobbyCraft hasn’t stopped growing since its inception and has dominated the arts and crafts market. We remain committed to a programme of expansion and our plans to grow the business are forging ahead. The current financial year has got off to a good start with total sales in the first 26 weeks up 16% and like for like sales up two percent. We’re pretty happy with that performance.
“With trading during the Christmas period going well our sales and profits are well ahead of forecast. I am very confident that HobbyCraft’s current performance will enable us to support and sustain the company’s ongoing growth, despite a challenging retail landscape,” he concludes.
Have you benefited from the positive effects of the credit crunch? Email your experiences or comments to .(JavaScript must be enabled to view this email address) or post them below.
