The company has recorded a rise in turnover, thanks to a strong performance in the retail online and wholesale channels.
The retailer has recorded that for the year end to March 2020, turnover has risen from £108.9M to £125.7M. Their profit on an EBITDA basis has also increased by £7.8M from £7.5M, and net profit rose to £2.6M from £2.3M.
Despite the retailers rise in profits, Space NK has warned that the effects of the pandemic have already started to impact retail sales at the start of its new financial year. The retailer is still optimistic and expects to see “a migration of sales toward the online retail channel, while physical stores are expected to see subdued sales and profitability.”
