Increased business overseas for jewellers Boodles, has resulted in record figures for the Liverpool-based business, who have reported more than £60 million in turnover for the first time, with a 45% rise in overseas sales.
Total revenue for the chain reached £61.7 million for the year 2013 – 2014, a leap of 22% on the previous year’s revenue of £50.8 million.
Pre-tax profits were recorded at £8.5 million, a significant increase on the prior year’s £6.8 million.
International sales grew from £12.7 million to £18.5 million, with the business reporting that it was well positioned to take advantage of these new opportunities, which illustrate “an increased international interest in the brand”.
Boodles & Dunthorne opened its first store in Liverpool in 1798, and now has branches in Manchester, Chester, Dublin, and five shops in London (including in Harrods and the Savoy). It will shortly be investing in expanding its flagship Bond Street showroom. The group also operates a concession in Hong Kong and predicts further expansion into mainland China.
Michael Wainwright, joint managing director of Boodles, said:
“A lot of the sales made in stores in Hong Kong are to people from mainland China.
“Obviously Shanghai and Beijing in the course of the next few years have got to be of serious consideration to us.”
Words: Peter Cribley