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Space NK turnover rises but investments shrink profits

Sophie Smith
05 January 2023

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.

Read's interview with Space NK's CEO Andy Lightfoot on its first-ever double-level store.

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