Space NK to continue store expansion as sales rise

Space NK plans to open ten new stores next year as it continues to invest in the UK high street following a surge in sales and profits.

CEO Andy Lightfoot told The Times that he was a "real believer" in bricks-and-mortar retail and had a pipeline of new openings in high streets and shopping centres across the UK.

Founded by Nicky Kinnaird in 1991, Space NK first opened its doors in Covent Garden in 1993. The company, which is owned by private equity firm Manzanita Capital, has 78 stores across the UK and Ireland and is opening two more this month.

Lightfoot said the British business had "quite a long runway" for increasing its store estate and would open a similar number of outlets each year for the foreseeable future.

It comes as Space NK reports a 34% increase in annual turnover to £196.5 million for the year ending March.

Pre-tax profit rose from £1.5 million to £7.5 million during the same period, according to figures seen by The Times.

Growth has also continued into the current financial year, with half-year turnover up 38% year-on-year.

As part of this, comparable shop sales lifted 24% and online sales increased 35 % during the first six months of the year.

It has also experienced double-digit customer growth across all age categories, from Gen Z to Millennials and Gen Alpha. The fastest-growing category was the under-25s, at 164%.

Lightfoot said the retailer's extensive price points and mix of "hard to find" brands has resonated well with customers.

Read TheIndustry.beauty's In History: Space NK, a timeline of a beauty retail trailblazer.