If inexpensive fashion and lifestyle watches were weighing heavily on the sales and profits of F.Hinds in 2016-17, the business concealed it well.
F.Hinds stocks watches in the difficult sub-£500 price range that saw the value of sales decline by over 12% in 2016-17, according to retail analyst GfK.
F.Hinds is investing in upgrading and refreshing its store environment across the country and has improved its stock rotation, leading to operating profit rising 52% from £2.03 million to £3.08 million in the year to March 2017.
Turnover in FY17 rose by 2.3% to £61.44 million, which is all the more impressive in comparison to H.Samuel, which saw sales dip by 1.5% in the same year.
F.Hinds revealed a new flagship design at Manchester’s Trafford Centre during the 2016-17 year, which included a new colour scheme for its branding.
The physical retail network increased to 118 shops and the company says it is frustrated that it cannot open more town centre stores because the costs are too high to make them as profitable as shopping centre units.
VITAL STATISTICS
Turnover: £ 61.44 million (+2.3%)
Operating Profit: £3.08 million (+51.7%)
Employees: 737
Doors (Mar 2017): 118
