Hobbs' turnaround effort boosts annual sales and profit

British fashion chain Hobbs has reported an 8.7 percent rise in its full year gross profit to 76.2 million pounds, while the company’s sales increased 9 percent to 119.5 million pounds, reports The Times. Since the end of the year, the company’s sales have witnessed an increase of over 7 percent and earnings have improved 139 percent, the report adds.

Hobbs, which started its journey way back in Hampstead, London in 1981, is owned by private equity firm 3i, which recently undertook a restructuring exercise of several Hobbs stores, and head office operations, while heavily investing in makeover of its product ranges under the leadership of Meg Lustman, the report adds.

The company, which is currently looking for buyers, also focussed on international expansion during the year. Its range is now sold in 49 countries through its ecommerce platform and also through shop-in-shops in Germany and the US. Particularly in the US, Hobbs manages two standalone stores and offers its range via 23 concessions within Bloomingdales.

Picture:Hobbs website