Berens & Company Ltd, the trading name of Leeds-based Berry’s Jewellers and Owen & Robinson, saw sales dip by 9% to £47 million in the financial year ended June 30, 2018.
It is the second highest turnover on record for the group, and follows 2016-17 when a number of exceptional one off items boosted sales to £52 million.
“The directors are delighted with the performance of the group,” Simon Walton, Berry’s managing director says in a note accompanying the company’s accounts.
“Turnover fell from £51.5 million in 2017 to £46.9 million in 2018 (due to a number of one off sales in the year ended 30 June 2017), however gross profit increased to £16.2 million for 2018,” he adds.
Operating profit was up 3% to £7.8 million despite a major refurbishment of the company’s flagship Albion Street store in Leeds.
The group has nine stores in a network including doors in Leeds, York, Newcastle, Nottingham, Windsor and Hull.
“It was a very successful year,the Berry’s brand is getting stronger and our partnerships with our watch brands continues to grow stronger,” Mr Walton tells WatchPro.
The group’s turnover once broke down with 70% of sales coming from jewellery and 30% from watches. That has now reversed, despite losing Rolex in 2013. Patek Philippe is now the group’s anchor brand, but it also represents a slew of top end marques including Cartier, Omega, Hublot and Breitling.
“Patek Philippe is a major part of our business and we had a successful year with a number of events and dinners.We had a number of high end jewellery sales across the business which resulted in increased profits together with some other contributing factors,” Mr Walton describes.
Investment in real estate and stock has increased the group’s net assets from £50 million in 2017 to £57 million in 2018, and Mr Walton says the group will continue to improve and expand its estate.
“We continue to invest in our stores and the Albion Street investment is reaping dividends as it’s a fabulous shopping environment and was long overdue. We have plans of a new store, opening for the summer 2019 its location soon to be announced,” Mr Walton reveals.