Sales at TH Baker rose by 3% last year to £61.7 million, but operating profit was down by 39% due to rising cost of promotions and changes to the sales mix.
TH Baker has 13 stores under its own name and 17 Pandora franchised outlets.
The business’s own stores offer a mix of jewellery and watches ranging from luxury brands such as Omega and Breitling, but is better known for its volume collections from makers like Accurist, Sekonda, Bering and Citizen.
TH Baker invested in opening two new stores in the financial year, which ended October 2017. Added to store refurbishments and expansions, the company said it invested almost £3 million in improving its estate.
The financial results make TH Baker the 12th largest retail group in the UK, overtaking turnover of F.Hinds for the first time, albeit by just £200,000.