Beaverbrooks has announced “record breaking” sales as its group operating profit surged 117% year-on-year from £16.3m to £35.3m in FY22, with turnover rising 64.4% year-on-year and 41.3% compared to its most profitable centenary year in 2019-2020.
The family-owned national jewellery and watch retailer also saw a gross profit margin of 21.6%, up from 15.1% in 2021.
This year, a new profit bonus was introduced to further support office teams and store management amid the rising cost of living, in addition to enhancing existing bonuses for store colleagues.
Beaverbrooks said that its financial success has enabled the business to invest in its customers and estate, with “key” business strategies including additional investment in stock to help mitigate disruption to product availability following Brexit shortages.
The company also progressed seven store refurbishments and openings across its portfolio in 2021/22, including recent investments in its Chester, Glasgow, Silverburn and Manchester Arndale shopping centre stores.
Additionally, Beaverbrooks invested over £2m in the launch of ‘Loupe’, a new high-end luxury diamond, jewellery and watch brand. Loupe will also introduce a luxury e-commerce proposition for online purchases later in the year.
Beaverbrooks also donated over £2m to charities via The Beaverbrooks Trust.
Anna Blackburn, Beaverbrooks managing director, said: “We are absolutely delighted with this year’s financial results and are immensely proud of our people for coming together and helping to deliver a record-breaking year of sales.
“People and relationships have always been at the heart of everything we do at Beaverbrooks, and with the lasting effects of the pandemic and the current cost-of-living crisis, it is more important than ever for us to retain this approach, protecting the livelihoods of our colleagues, their families and the communities we serve.”
Mark Adlestone OBE DL, Beaverbrooks chairman, added: “By staying true to our values, we have been able to deliver a record-breaking year of sales and profit – introducing a profit bonus, protecting our colleague’s jobs and keeping pay and hours fair. It’s also meant that via The Beaverbrooks Trust, we’ve been able to donate over £2m to charities.”