Space NK reports substantial financial growth with profits soaring significantly.
- In the latest financial year, turnover rose by 34% reaching £196.5 million.
- Pre-tax profits have seen a significant increase, surging from £1.5 million to £7.5 million.
- The retailer’s growth momentum continues with a 38% increase in half-year figures.
- A significant rise in the customer base, especially among under-25s, has fuelled this expansion.
Space NK has achieved remarkable financial results for the year ending in March, with revenues increasing by 34% to £196.5 million compared to the previous year. This significant gain underscores the company’s robust performance and market presence.
The company’s pre-tax profit experienced a dramatic upswing, soaring from £1.5 million to £7.5 million during the same period. This leap in profits highlights the efficient strategies and operations Space NK has implemented.
Continuing its upward trajectory, Space NK’s growth has extended into the current financial year with a noteworthy 38% increase in its half-year figures. This consistent growth trajectory signals the company’s well-founded market strategies and strong consumer demand.
Retail sales saw a 24% uplift while online sales recorded a 35% increase in the first half of the year, reflecting a balanced growth across sales channels.
A surge in the customer base has been pivotal, with double-digit growth across all age categories from Gen Z to Gen Alpha. Notably, the under-25 demographic saw a staggering 164% rise, indicating a strong brand resonance with the younger audience.
Chief Executive Andy Lightfoot remarked, ‘We are delighted to report another record-breaking half of sales, continuing our run of greater than 30% growth every year since 2020.’ This ongoing success is attributed to Space NK’s customer-focused approach and expertly curated brand selections.
The financial results are announced as Space NK prepares to open a new store in Milton Keynes at the centre:mk shopping centre, featuring a 1,721 square foot space with a diverse range of make-up and skincare offerings.
Space NK’s sustained growth and record financial outcomes demonstrate the effectiveness of its strategies and resonance with its customer base.
