Space NK sees annual turnover drop, while EBITDA surges

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".