Beaverbrooks turnover surged to £202.4 million for the financial year ending February, 2022.
The record-breaking result tops its previous best in 2019/20, the jeweller’s centenary year, by almost £60 million.
Group operating profit more than doubled from last year to £35.3 million, another company record.
Although there has been considerable investment in store refurbishments and other capital expenditure projects, Beaverbrooks primarily credits last year’s performance on its approach to its workforce.
The business has retained its people-centric strategy, maintaining fair wages and hours for its people and ensuring no colleagues are on precarious zero-hours contracts, Beaverbrooks reports in a statement accompanying the financial results.
The business has always been committed to listening to its people, and this has been invaluable in supporting colleagues while navigating the pandemic, the statement adds.
One notable change to its employment practices was the introduction of a profit-related bonus scheme for office teams and store management in addition to improving its existing bonuses for store colleagues across its 70 outlets.
This has contributed to exceptional staff retention, which is a major challenge across the retail industry.
One in two employees have now been with the Beaverbrooks for over five years, a third for over ten years, and one in five for over fifteen years, the company says.
“People and relationships have always been at the heart of everything we do at Beaverbrooks, and with the lasting effects of the pandemic and the current cost-of-living crisis, it is more important than ever for us to retain this approach, protecting the livelihoods of our colleagues, their families and the communities we serve,” says Beaverbrooks managing director Anna Blackburn.
“We have learned a lot over the past few years about planning and strategy, and seeing these results confirms our belief that putting people first reflects in the bottom line. As we navigate uncertain times ahead of us, we will continue our commitment to supporting our colleagues and making our company the fantastic place to work that it is,” she adds.
Investment has gone into store refurbishments in Chester, Glasgow, Silverburn and Manchester Arndale shopping centre stores.
Cash will also have been spent on the opening of Loupe, a higher end retail brand anchored by Rolex shop in shops.
The first of two stores were supposed to have opened during the last financial year but were delayed until June 2022 when the showroom in Milton Keynes centre:MK went live.
Loupe will open in Croydon, South London, in spring 2023 and will also introduce a luxury e-commerce proposition later in the year.
Another pillar to the Beaverbrooks philosophy is its philanthropic work, the type of effort that can take a back seat in challenging times, but the company managed to raise over £2 million for good causes during the last financial year.
“As a family-owned business, doing the best thing for our people is in our DNA, and this is reflected in every decision we make as a company. By staying true to our values, we have been able to deliver a record-breaking year of sales and profit — introducing a profit bonus, protecting our colleague’s jobs and keeping pay and hours fair. It’s also meant that via The Beaverbrooks Trust, we’ve been able to donate over £2 million to charities at a time when it has been needed most,” says Mark Adlestone OBE DL, chairman of Beaverbrooks.
