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Hobbs posts profits rise as it plots international growth

Womenswear retailer Hobbs delivered a 1.3% rise in EBITDA as the chain eyes further expansion for the year ahead.

In the year to January 26 total sales grew by 11.1%, rising to £125.1m as earnings increased to £15.2m. Online revenues rose 52% and now account for 22.1% of total sales.

During the year the chain spent £3.1m on extensive product and brand development during the period and opened new concept stores last month. A third of its store portfolio is set to be revamped in the next six months.

Hobbs is also planning international expansion and currently delivers to more than 50 countries. During the autumn 13 season, local content websites will launch in Germany, Australia and the US.

Chairman Iain MacRitchie said he was “delighted” with the results in the “challenging retail environment”.

He added: “We will continue to invest at a higher rate over the next three years to build on our foundation for long term growth and realise our international aspirations. 2013 and 2014 are set to be very exciting with our strategic investments coming to fruition for our customers across channels, collections and territories.”

For autumn 13 more than 90% of the range has been refreshed with two thirds of the collection boasting completely new designs.

Chief executive Nicky Dulieu said she was “hugely excited about the new launches”.

 

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