F.Hinds has continued to weather the high street storms and post an increase in turnover for the year ending March 2019.
Results from the family run multiple, which has 115 stores in the UK, reveal a 0.4% rise in sales to £62.3 million during the latest financial year.
Turnover for the business has been remarkably consistent over recent years, fluctuating between £64 million and £62 million since 2011.
However, operating profits at F.Hinds were down by over 46% to £1.7 million.
F.Hinds disproves the rule that jewellers need to move upmarket to maintain sales. Its portfolio of branded jewellery and watches has been tweaked, but not fundamentally changed, over the past five years. Its bread and butter jewellery brands remain to be the likes of Clogau, Guess, Fiorelli, Bronze Allure and Anne Klein, which are sold alongside bridal jewellery.
In a directors’ report accompanying the latest accounts on Companies House, the company says customers are increasingly attracted to branded goods, and it has increased its offer in this area, but “non-branded goods, if sold at the right price, continue to perform well”.
There were no new shops opened by F.Hinds in the 2018 financial year, which the company says is in part due to the rising costs of quality locations on the high street and shopping centres. “Business rates based on historical high rents continue to be detrimental to many town centres and are a factor in why no new shops opened in this year,” the accounts state.
Rising wages, apprentice levies and auto-enrollment pensions also contributed to rising costs, the company says.