Boodles was voted the UK’s best independent luxury jeweller at the 2018 WatchPro Award last week, and its financial results confirm the enduring strength of the fine jewellery and watch business.
Sales were up by 5.6% to £70.8 million for the 12 months ended February 2018, a new record for the family-owned company.
Patek Philippe is the only watch brand sold by Boodles, providing a prestigious range of watches that complement its fine jewellery in six out of its nine boutiques in the UK.
The company’s most recent opening in Manchester sets a new benchmark for luxury in the city, while its London showrooms in Bond Street, Sloane Street and Harrods are institutions attracting customers from all over the world.
Operating profit was down by 36% in the financial year, which director Michael Wainwright says is due to a “slightly more difficult trading environment” and an exceptional cost of £930,000 relating to ending a venture between Boodles and Grovesnor House Hotel. He also revealed that a rents and rates review for London stores had doubled costs for the business.
Rent and rates reviews take place every five years, and Mr Wainwright is confident that the current financial year will see a return to operating profits above £10 million that the business returned in 2015-16 and 2016-17 financial years.
“This year is looking more in line with the year before,” he told WatchPro today. “We are hopeful of a strong Christmas,” he added.
Top line sales were maintained despite the company’s business in Harrods being affected by a move into a temporary position within the Knightsbridge department store as the Fine Jewellery space went through a major renovation.
Sales exported overseas totalled £17 million, around one-third of group turnover.