Space NK annual turnover boosted by store sales

Space NK has reported a 23% increase in turnover to £146 million for the year ending 25 March 2023, helped by continued investment in its store estate. 

The retailer saw store sales rise 28%. This was helped by a number of newly opened and upsized stores, including Westfield London, Liverpool ONE, and St James Quarter in Edinburgh.

Meanwhile, online sales increased 16% during the year.

For the full year, Space NK also shared the following results:

• EBITDA of £5.9 million, against £2.2 million in 2022.
• Gross profit of £62 million, against £49 million in 2022.

Space NK said the decision taken in the previous financial year to continue to invest in order to fuel growth "is now paying a return".

As part of this, the business has invested in stores, operations, technology and customer acquisition - and will continue to do so.

It added that directors at Space NK are "confident this will further increase the company’s resilience and result in strong long-term growth to both turnover and EBITDA".