Fashion jewellery retailer and wholesaler Jon Richard has reported a rise in profits in the financial year ending February 28, 2019.
In accounts filed with Companies House, the business, which operates as a fashion jewellery retailer and wholesaler, through concessions in the UK, Ireland and international department stores, recorded a profit of £1.25m, up from £801,185 in the previous year.
The increased profit was achieved despite turnover slipping from £33.8m to £31.4m.
Despite challenges on the high street, which saw sales from certain stores within Jon Richard’s portfolio dip, the online business grew by 25%.
Within the accounts, the company revealed it had divided into a group during the year to split and dedicate resources to different business channels and be well placed to react to opportunities and any threats it may face.
Jon Richard director, Sarah Frew, writes in the strategic report: “the year ending February 2019 has been challenging and although group turnover dropped by 2.26% we achieved group profits in line with the previous year, as expected.”
Looking ahead the focus will remain on products, with the company revealing it has secured new customers during the financial year.