Hamleys reveals strong financial results
Hamleys has announced its full year results to end March 2011 and a trading update for the 17 week period to 23rd July 2011.
Hamleys filed its accounts at Companies House for the 52 weeks to 26 March 2011. The results show that EBITDA grew by 21 per cent to £5.6m, with operating profit up by over 40 per cent to £2.3m.
Profit before tax grew to £0.66m, from £0.1m last year. Sales on a like-for-like basis grew by 1 per cent and total sales were down 1.5 per cent as a result of the successful transfer of operations in Denmark to a franchise model.
Hamleys continues to perform extremely well with strong sales growth in the current financial year, despite a tough UK retail trading environment.
For the 17 week period to 23rd July, like-for-like sales in the UK and Ireland grew by 14.5 per cent. During the same period, like-for-like sales from the international franchise stores grew by 28 per cent. This strong growth reflects management’s strategy to create global destinations for the best toy retail entertainment in the world, offering customers a uniquely interactive retail experience.
The group completed a refinancing in June 2011 with RBS, giving the business a strong and secure financial platform to support its future growth plans. The group’s senior debt, the only debt it has to service, is now less than 1 times EBITDA.
Gudjon Reynisson, CEO of Hamleys commented: "Following on from our successful results last year showing continued profit growth, we are very pleased to have a very positive start to the new year. We believe that such strong trading, along with the success seen from our franchise business, is testament to the unique, interactive shopping experience we offer our customers. We plan to build upon this reputation and our financial success to continue our expansion plans in existing and new markets."
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