Hobbs sales exceed £100m
31 March 2009 10:41
In the face of a fierce economic storm fashion retailer Hobbs has managed to drive its sales past the £100 million mark. In the year to January 31st, reported sales rose by 3.6% to £101.6 million however earnings at the chain fell as margins were hit by increased promotional activity. Pre-tax profits totaled £18.8 million, down from £21.3 million.
Hobbs has promoted managing director Nicky Dulieu to the role of chief executive officer, replacing Nick Samuel, who was chief executive of the retailer until last summer and who is standing down as a non-executive director "in order to concentrate on his other commitments in the retail industry".
In other management changes, Tony Campbell has become non-executive chairman and Mike Spearing has been promoted to business development director from his position as retail director.
Ms Dulieu, a former Marks & Spencer executive, said: "In five years we have gone from sales of £30 million to sales of £100 million. The business is financially strong with low debt levels and strong cash generation, making it well placed to weather the current challenging economic conditions. The changes to the management team have brought a new level of skill and talent to the business, which will drive a real point of differentiation to our customers in 2009. We are particularly excited by our product ranges under our new creative director, which can be seen in our spring/summer collection, with further exciting developments to follow later in the year".
Hobbs is majority owned by private equity firm 3i and operates 125 stores.
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