Hamleys profits soar in full-year results

Operating profit is up by over 40 per cent to £2.3 million.
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Hamleys has announced its results for the 52 weeks to March 26th 2011. The figures show operating profit is up by over 40 per cent to £2.3m.

Sales on a like-for-like basis also grew by one per cent and total sales were down 1.5 per cent, as a result of the successful transfer of operations in Denmark to a franchise model.

The strong year of trading comes after the firm returned to profit last year after cost reduction measures and a restructuring of the balance sheet to reduce debt helped profit to rise to £0.1 miilion.

More recently, for the 17-week period to 23rd July, like-for-like sales in the UK and Ireland grew by 14.5 per cent and from the international franchise stores, grew by 28 per cent.

The group completed a refinancing in June 2011 with RBS, giving the business a strong and secure financial platform to support its future growth plans.

Gudjon Reynisson, CEO of Hamleys said: "Following on from our successful results last year showing continued profit growth, we are very pleased to have a very positive start to the new year.

"We believe that such strong trading, along with the success seen from our franchise business, is testament to the unique, interactive shopping experience we offer our customers. We plan to build upon this reputation and our financial success to continue our expansion plans in existing and new markets."

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