Store refurbishments & new lower-priced silver line help boost trade
Jeweller Theo Fennell narrowed its losses from £1m to £877,330 in the six months to September 30 as turnaround strategies begin to pay off.
Professional Jeweller reported in January that the brand had been impacted by extreme weather conditions lowering footfall, however, in the aforementioned March-September period turnover grew on a like-for-like basis 12.5%, to £4.87m.
The retailer, which raised £1.5m in April, has said that its new lower-priced silver line, Alias, has proved a big hit with customers. The diffusion line which launched in October is available in Harrods as well as Theo Fennell stores and concessions. Theo Fennell chairman Rupert Hambro described the launch as “extremely well received” and said it would “significantly expand” its customer profile and provide product to support its wholesale and internet sales growth. The company also launched its new transactional ecommerce site yesterday (Monday 8).
Hambro said: “We have implemented some major developments to the business over the past six months. We are confident that these initiatives will have a positive impact on sales in the second half and that we are well positioned to return to profitability.”
Hambro said the retailer continues to have “positive discussions” with potential parties overseas, specifically in the Middle East and Far East, and hopes to announce further openings before the end of the financial year.
Hambro added: “Although we are encouraged by the continued growth in sales and the developments achieved by the Company we remain cautious given the ongoing challenging economic environment as we enter the key Christmas period. We continue to believe in the significant potential of the future growth of the sales and profitability of the Company.”