Space NK reports robust financial results, closing the fiscal year with substantial gains.
- Pre-tax profits have soared from £1.5 million to £7.5 million.
- Yearly turnover experienced a 34% increase, reaching £196.5 million.
- Half-yearly sales saw a remarkable 38% rise compared to the previous year.
- A surge in the customer base, particularly among the under-25s, has propelled growth.
Space NK, a renowned name in the premium beauty sector, has disclosed impressive figures for the financial year ending March, underscoring its strong performance in a competitive market. Pre-tax profits have seen a dramatic increase, leaping from £1.5 million to £7.5 million, while turnover grew by 34% year-over-year, reaching £196.5 million. This momentum has been carried into the current fiscal year, where half-year sales jumped 38% compared to the previous period.
In a detailed review of its sales channels, Space NK has reported that physical store sales rose by 24%, whereas online transactions experienced a 35% upswing during the six months leading up to September 2024. This balanced growth across different platforms highlights a strategic approach to meeting the diverse needs of its consumers.
The expansion in the customer base has been pivotal to this growth, with notable contributions from all age groups, spanning Gen Z to millennials and Gen Alpha. Particularly striking is the 164% increase in customers under the age of 25, identifying this demographic as the fastest-growing segment for the retailer.
CEO Andy Lightfoot expressed immense satisfaction with the year’s performance, saying, “We are delighted to report another record-breaking half of sales up 38% on last year, continuing our run of greater than 30% growth every year since 2020.” This statement reflects the company’s confidence in their ‘customer first’ strategy and brand curation, which have been essential in maintaining consistent growth.
Furthermore, Space NK is capitalising on this success with strategic expansions, including the opening of a new store in Milton Keynes. Set to launch at the end of the month, this 1,721 square foot location will feature an array of makeup and skincare offerings from prominent brands such as Tatcha, Drunk Elephant, Rare Beauty, and Hourglass.
Space NK’s strategic focus on customer expansion and market adaptation has set it on a continued path of robust growth.
