Profit at diamond, jewellery and watch retailer Beaverbrooks has been slashed despite it reporting another year of record sales. The family-owned retailer has posted an operating profit of £10.5m for the year to the end of February 2024, down from the £25.
7m it achieved in the prior 12 months. Beaverbrooks said its profit had reduced because of an increase in operating costs and “significant levels of long-term investment”. The Lytham St Annes-headquartered company added that its turnover increased from its previous record of £225m to £228.
6m. In a statement, Beaverbrooks said: “Despite the challenging trading environment, the business has continued its commitment to prioritising its people, product and infrastructure to ensure business growth, and remains confident for the future.” The business was established in 1919 and operates 88 stores across the country, up from 85.
Managing director Anna Blackburn said: “Despite a challenging marketplace, we are very proud of what we’ve achieved by maintaining a long-term view on investment that gives us confidence moving forward. “Central to our success is our hard-working and engaged teams across the country and I am so proud that we have stayed true to our company culture, coming together and working so hard. “We also greatly appreciate the loyalty of our customers who have continued to shop with us to purchase diamonds, jewellery and luxury and designer watches .
“Staying true to our values by putting people .
