Multiple fashion retailer Argento Contemporary Jewellery has reported another profitable year despite ongoing difficult market conditions.
In accounts filed by Companies House this week, Argento recorded a 1.5% rise in turnover for the year ended 30 June 2018. Sales increased from £19.2m in 2017 to £19.5m in 2018.
Operating profit for the year dipped slightly from £1.8m to £1.7m, while net profit fell from £1.3m to £1.2m.
The gross profit margin remained fairly consistent at 54.12% in 2018, compared to 54.63% in the previous year.
Acknowledging the difficult retail climate, director Pete Boyle says it will continue to expand the company’s services and customer base in order to remain profitable.
He reports: “Although the growth in the UK economy has strengthened since the financial crisis, the risks to the UK economic growth remain significant. The company’s strategy is to further enhance its positon within the UK retail jewellery market by offering a unique customer experience driving consumer loyalty.”
During the financial year Argento celebrated its 20th anniversary and marked the occasion with the opening of a new boutique in Manchester.