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Hobbs turnaround strategy boosts profits

Full-year sales and profits have risen at Hobbs, signalling that its turnaround strategy is starting to bear fruit.

Gross profit grew 8.7% to £76.2m for the year to 28 January, while sales climbed by 9% to £119.5m. 

The premium womenswear retailer has undergone a two-year turnaround programme led by chief executive Meg Lustman. It has shut a number of stores, streamlined its head office and made improvements to its product ranges.

“We have been focused on becoming more relevant to our customer,” said Lustman told Drapers last year.

It is also working more closely with suppliers to maintain pricing levels despite the pressures of rising costs and inflation.

Hobbs operates across 49 countries, including the US and Germany.

Its private equity owner, 3i, is looking to sell the retailer for a rumoured price tag of £80m.

 

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