Lancashire-based Beaverbrooks reports profit fall but remains ‘upbeat’ amid tough year for jewellery sector
Lancashire-based Beaverbrooks reports profit fall but remains ‘upbeat’ amid tough year for jewellery sector.
Beaverbrooks, a family-owned jeweller located in Lytham, has recorded a decrease in turnover and operational profit in a hard year for the retail jewellery sector.
The company, which was started in 1919 and now has 81 stores across the UK, said operational profit plummeted 20% to £8.6 million in the 52 weeks ending February 2025, while turnover fell from £224.3 million to £217.3 million. Beaverbrooks also reported a £1.5 million loss on an IT project that it intends to restart in 2025/26.
Anna Blackburn, managing director of The Beaverbrooks Group, stated, “We are very proud of the commitment, resilience, and hard work demonstrated by our teams across the UK to deliver strong results in what was a very difficult year for the sector.”
“Due to the challenges, we have had to make some painful decisions. “However, we have stayed true to our values and purpose of enriching lives, leaving us in a strong position – growing our market share and still achieving results to be proud of.”
Furthermore, she stated: “We have continued to donate from our profits to great causes through the Beaverbrooks Charitable Trust, something that has always been very important to us and our core purpose of enriching the lives of the communities we serve.”
We are all quite proud of our company’s achievement of donating £25 million in revenues to charity since 2000. 2 We understand the importance of providing an exceptional shopping experience, whether in-store, online, or over the phone.
As a result, we have continued to invest heavily in our store estates, online experience, and team development to ensure great customer service and competence.
“It is also more important than ever that we provide the best value, quality and choice for our customers when they come to us for diamonds, jewellery and luxury watches, so we have continued to develop our extensive range of products to ensure we offer nothing less.”
Chairman Mark Adlestone added, “It’s been a tough year across the industry, and I’m very proud of our colleagues’ efforts to achieve these results.”
“As a 106-year-old family-owned business, it is in our DNA to support charities and communities.
We are proud to have donated £25 million to charities since 2000. Staying true to our culture and values is essential to our strength as a business.”
We will continue to invest in our people, our businesses, and our communities so that we can preserve our success and emerge from these challenging times stronger than ever.”
The jeweller shuttered seven stores in England and Scotland that were no longer commercially viable, but spent £9.5 million refurbishing 11 strategic locations, including Glasgow, Bracknell, and Peterborough.
In April, a new store opened in Harrogate, and the company invested more than £1.5 million to update its online shopping infrastructure.
Despite lower turnover, the company reported higher gross profit margins and cost savings that helped maintain cash flow. C
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