Toy retailer says 2017 was one of “most challenging” years in UK retail history.
Hamleys has become the latest retailer to feel the effect of the UK’s tough market conditions – although its boss is confident of the future potential in the business.
The toy retailer reported a £12 million sales loss for the full year ending December 31, 2017.
Revenues dropped 2.5% to £66.3 million and net assets decreased by £11,7 million. There was an EBITDA loss of £4.7 million.
Two proprietary stores were closed in the UK during the period.
2017 was one of the “most challenging” years in UK retail history, Hamleys said, adding that it was not immune to “impact of Brexit uncertainty, terrorist attacks and a general erosion in UK consumer confidence”.
However, chief executive Ralph Cunningham said that the group is confident of an improved performance going forward. A statement cited the retailer’s continued focus on improving customer service experience and proposition across all formats, plus the introduction of new products and services, continued overseas growth and entry into new property franchise and international wholesale markets as “significantly” strengthening the business.
