The latest financial results for luxury jewellery house Boodles reveal sales topped £70 million for the first time.
Turnover for the company was up 5.6% to £70.8 million for the 12 months ended February 2018, a new record for the family-owned luxury jewellery business.
The company currently has nine boutiques in the UK, with its most recent opening in Manchester setting a new benchmark for luxury in the city, while its London showrooms in Bond Street, Sloane Street and Harrods are institutions attracting customers from all over the world.
Operating profit was down by 36% in the financial year, which director Michael Wainwright says is due to a “slightly more difficult trading environment” and an exceptional cost of £930,000 relating to ending a venture between Boodles and Grovesnor House Hotel. He also revealed that a rents and rates review for London stores had doubled costs for the business.
Rent and rates reviews take place every five years, and Mr Wainwright is confident that the current financial year will see a return to operating profits above £10 million that the business returned in 2015-16 and 2016-17 financial years.
“This year is looking more in line with the year before,” Wainwright tells our sister publication, WatchPro. “We are hopeful of a strong Christmas.”
Top line sales were maintained despite the company’s business in Harrods being affected by a move into a temporary position within the Knightsbridge department store as the Fine Jewellery space went through a major renovation.
Sales exported overseas totalled £17 million, around one-third of group turnover.