Space NK has reported impressive financial results, with customer growth driving profits upward.
- The company’s pre-tax profits increased to £7.5 million, a notable rise from the previous year’s £1.5 million.
- Turnover saw a 34% increase, reaching £196.5 million, reflecting a strong financial year.
- Online and in-store sales have both shown considerable growth, contributing to overall success.
- New customer demographics, notably under-25s, have significantly expanded their customer base.
Space NK has announced strong financial outcomes for the year ending March, highlighting a significant rise in both sales and profits. The company’s pre-tax profit soared to £7.5 million from a previous £1.5 million, while its turnover increased by 34%, reaching £196.5 million compared to the prior year. These results illustrate considerable financial advancement for the premium beauty retailer.
Further into the current financial year, Space NK has maintained its growth trajectory. Half-year sales are up by 38% compared to the previous year. This growth is reflected in both shop and online sales, with increases of 24% and 35% respectively in the six months leading to September 2024.
A primary factor contributing to Space NK’s success is the surge in its customer base. The company has observed double-digit growth across all age categories, with the under-25 demographic increasing by 164%. This broadened customer reach has played a crucial role in boosting the company’s financial health. Chief Executive Andy Lightfoot noted, “We are delighted to report another record-breaking half of sales up 38% on last year, continuing our run of greater than 30% growth every year since 2020. Since then, the business has more than doubled its revenue and with our customer-first mindset and expertly curated brands, we are delighted with our consistent and continuous growth.”
As Space NK continues to capitalize on this growth, it is poised to expand further by opening new retail locations. The upcoming launch of a store in Milton Keynes marks a strategic effort to widen their market footprint. This new store will offer a diverse selection of makeup and skincare products from various reputed brands.
Space NK’s strategic expansion and evolving customer base underscore significant growth potential as they continue to thrive financially.
