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Beaverbrooks says high street presence underpins rising sales in centenary year

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Beaverbrooks the Jewellers says focusing on customer relationships in its high street stores has helped it to succeed, as it reported a rise in sales in its 100th anniversary year. 

The family-owned jeweller, ranked Top150 in IRUK Top500 research, has reported turnover of £127.4m in the year to March 2 2019. That’s 2.9% up on the same time last year. Operating profits of £12.4m were down from £13.6m a year earlier and its gross profit margin fell to 16.4% from £17.3% a year earlier as the company developed its Lime Events Group subsidiary, invested in staff and developed new stock lines to mark its 100th anniversary.

Beaverbrooks managing director Anna Blackburn said: “These results demonstrate that the combination of a sound strategy and continued investment in people, product and our presence on the high street can deliver sustained success. The jewellery market is highly competitive, but we firmly believe that the experience of coming into a high street store adds value to our customers. We have continued to invest in our people to ensure our customers have the best shopping experience at Beaverbrooks.”

The jeweller, founded in 1919, gives 20% of its retained profits to charity. This year that worked out at £1.265m. Workplace giving of £55,712 was matched by a £97,449 donation from the company. 

Mark Adlestone, chairman, said: “We’ve just had the five most profitable years in our history. However, success at Beaverbrooks is not only measured in financial terms. A strong commitment to the learning and development of all our people, an open and honest company culture and commitment to the wider community in which we work are all borne out in the many accolades awarded to the company during this period. As we celebrate our centenary in 2019, we are excited by what the future holds.”

Beaverbrooks sells diamonds, jewellery and watches through 71 stores across the UK and online.

Image courtesy of Beaverbrooks

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