Space NK turnover rises but investments shrink profits
Space NK has released its financial results for the year ending 26 March 2022, revealing an increase in turnover to £119.1 million.
This compares to a £111.8 million turnover in 2021, which had also included the results from Space Brands Limited, a subsidiary that was sold at the end of that year for a profit of £83.1 million.
In the UK, turnover totalled £118 million, compared to £93 million in the previous year.
This performance was credited to a number of strategic decisions which continued to fuel growth, including investing in stores, operations, technology and customer acquisition. This helped the company increase its active customer base by over 40%.
However, these initiatives impacted Space NK's profitability. EBITDA totalled £2.2 million, compared to £92.7 million in 2021. This decrease was also due to the sale of Space Brands Limited in 2021.
In addition, the company made a net loss of £620,768 against a profit of £87.62 million in 2021. Space NK also reported a drop in employees, from 603 in 2021 to 558 in 2022.
Looking ahead, Space NK expects to see a continued growth in online sales, as its physical stores have seen a return of sales and profitability.
