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Rox records flat sales ahead of significant store openings

Kyron Keogh & Grant Mitchell 1

Rox (UK) Limited has reported sales of £14.9 million for the financial year ended March 31, 2019; virtually unchanged from the prior year.

Gross profit margin improved slightly but, because of an additional £168,000 of “other operating income” in the 2018 financial year, operating and profit slipped from £301,352 to £134,614.

Co-managing director Kieran Keogh said in a message accompanying the financial results that all stores had positive like-for-like growth in 2018/19, except for Aberdeen and Braehead (a shopping centre in Glasgow).

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The Braehead store was closed in June, after the end of the financial year.

Like-for-like sales at the remaining stores in Glasgow, Edinburgh, Leeds and Newcastle were up by 3.2%.

The company’s own-label jewellery jewellery business, engagement rings, and wedding rings witnessed a continued increase in sales as investment in unique designs and superior craftsmanship showed improved returns.

Watch brands also delivered like-for-like sales growth.

“Investment continued to be made to provide our customers with an extraordinary shopping experience within a luxury environment supported by well-trained, professional staff. Continued investment has been made in the website and in store events,” Keogh states.

Since the end of the 2018/19 financial year, Rox has opened a new stores in Liverpool One and Glasgow’s Argyll Arcade, where its original flagship showroom is also located.

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The author Stacey Hailes

Editor, Professional Jeweller

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