The UK arm of jewellery brand Thomas Sabo has welcomed sales starting to recover coming out of the pandemic, but the retailer warned it is not immune from the challenging conditions hitting the High Street.
The German-headquartered company has 16 standalone shops here, including at Westfield’s White City centre and Lakeside in Essex.
James Parker, who leads the chain in the UK and Ireland told the Standard: “Footfall has still not returned to pre-Covid levels but it is improving. We are pleased to report that like for like sales [in the year to June 2022] have been remarkably strong and are running at pre-pandemic levels, both online and in store.”
Accounts filed at Companies House show pre-tax profit during that financial year rose to £1.4 million, up from £415,361.
Turnover improved to £11.6 million from £7.5 million in the prior 12 months when lockdowns hammered trade.
The firm’s UK strategic report said domestic demand has softened in stores as the cost of living crisis bites and inflation has increased costs for the business. However, it expects factors such as store rent reductions and the business rates revaluation will “help to maintain an acceptable level of profits in future years”.
Entrepreneur Thomas Sabo, who founded the eponymous brand in 1984, is the majority shareholder of the group which last month launched a new ‘charm club’ collection.
