Follow us

Space NK sees annual turnover drop, while EBITDA surges

Sophie Smith
05 April 2022

Space NK has released its annual results for the year ending 27 March 2021, revealing a loss in turnover due to the COVID-19 pandemic.

Turnover fell 11% to £111.8 million, compared to a turnover of £125.7 million from the previous year. The reduction in retail sales was caused by the closure of its stores for a large proportion of the financial year due to COVID-19 restrictions. Online sales partially offset the decline in physical sales.

Net assets dropped to £23.9 million, in comparison to £35 million a year prior. This was also caused by a decline in retail sales due to store closures.

Group EDITDA increased to £92.7 million, largely due to the sale of Space Brands Limited to Yasten Holdings Limited in March 2021, resulting in a sale of £83.1 million.

Operating profit rose to £88.9 million from £3.6 million.

Looking ahead, Space NK expects to see "continued growth in online sales", while physical stores are "expecting a return sales and profitability".

Free NewsletterVISIT