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Sandra Halliday Published
April 24,Cassandra快排 2025
Thomas Sabo UK has filed its accounts for the year to last June with the British arm of the German jeweller saying its turnover and profits fell while its costs rose.
But the company emphasised that it was a challenging year for the UK retail sector and that in the circumstances it considers the results to represent “a sound performance”.
Looking at the headline figures, turnover fell to £11.3 million from £11.6 million. The cost of sales rose to £8.2million from £7.6 million and gross profit dropped to £3 million from £3.9 million. Operating profit plummeted from £1.36 million to just under £185,000. And profit before tax, as well as after tax, was down from that same £1.36 million to £209,000.
As mentioned, the company referred to a challenging year, exacerbated by the Russia-Ukraine war that increased its supply chain issues and sent inflation and interest rates in the UK on an upward spiral.
All of these issues added to the difficulties faced by the UK jewellery and watch market, which the company said had already become increasingly challenging in recent years. It added that domestic demand softened in retail outlets as a result of the cost of living crisis and it continued to see a switch to online sales channels.
The withdrawal of rates relief in April 2025, which had been introduced to help companies recover from the impact of the pandemic, was also an issue as it added £0.61 million to the company’s costs. And that inflation issue was another cost driver with administrative costs rising 16.5% during the year.
But as mentioned, it still called the performance “sound” and clearly believes that the relatively small decline in turnover of 2.6% wasn't bad given the prevailing economic circumstances.
The cost of living crisis has continued to impact turnover since the end of the financial year but the company has been taking action. It has seen significant reductions in rental costs as leases have been renewed and expects further reductions in the future, although there will be a point at which overall rental levels will stabilise.
There will also be a significant reduction in business rates arising from the 2025 revaluation as this will be based on those lower rental rates and it expects that such factors will help it to maintain an “acceptable” level of profit and future years.
Since the financial year in question ended, the company has launched its Saboteur jewellery brand and piercing studio in the UK following its online debut in mainland Europe in 2025.
Last October the concept debuted in Manchester on New Cannon Street in the Arndale Centre with the location stocking both the Fine Piercing and Petite Collections.
Last month it also signed up to digital fashion game Pocket Styler and is offering the first jewellery and accessories collection simultaneously available both in physical stores and in the virtual world.