Hobbs has seen a successful turnaround as it has posted growth in its gross profits and revenues for the year to January 28th. The retailer saw its profits jump 8.7% to £76.2 million, whilst revenues jumped 9% to £119.5 million.
This follows a turbulent time for the retailer which struggled to maintain its customer base after swapping out 80% of its core range in efforts to become more current.
A two-year turnaround strategy sparked by chief executive Meg Lustman has started to succeed. Having managed to maintain prices through consolidating costs, closing some stores and improving its products, Hobbs has returned to growth in a tough market.
Ms Lustman said: “Our sales are up, gross profit is up, our margins rates are steady and we now have a very strong platform to grow.”
