David M Robinson (DMR) pulled off the desirable hat-trick of rising sales, accelerating stock rotation and higher profits in its financial year that ended March 31, 2018.
The luxury jeweller, which has showrooms in its home city of Liverpool, plus Manchester, Altrincham and London, saw sales rise by 7% to £27.8 million.
Operating profit rose from £2.1 million to £2.6 million.
Results have been transformed in recent years by improving stock rotation. The business has maintained stock levels of around £10 million to £12 million for the past seven years but, while stock rotation was 1.6 times per year as recently as 2014, that has risen to 2.3 times in the most recent financial year. Operating profits have soared from around £270,000 in 2014 to £2.6 million in 2018.
Managing director David Robinson says that the company has many loyal and long established customers, while improvements in marketing and an influx of overseas visitors attracted by the weak pound have added to the new customer base in 2018.
In an additional statement to WatchPro, Mr Robinson adds: “We are happy with our yearly performance. I’m really proud of my showroom teams and the way they look after their clients. Without an amazing team behind the scenes it simply would not possible. There are some excellent independent jewellery retailers and manufacturers in the UK and we are proud to be part of an industry that has such great values. Challenges persist but evidently that is true in every business. We enjoy what we do!”
DMR is an authorised dealer for Rolex, Patek Philippe, IWC, Omega, TAG Heuer, Panerai and Tudor, but remains heavily focused on its fine jewellery, most of which is designed and manufactured in house.
The company is focusing on fewer but larger stores in prime locations, having reduced its network from six to four stores in recent years, but invested heavily in upgrading and expanding its flagship showrooms.
Its city centre Manchester store was being renovated last year after taking on an additional retail unit at its St Ann’s Square location. Originally due to fully re-open last autumn, the project has overrun but, when finished, will become a two-storey emporium of luxury watches and jewellery with its own Rolex VIP space and private lounge.