Lancashire-based Beaverbrooks reports profit fall but remains 'upbeat' amid tough year for jewellery sector
Lytham-based, family-owned jeweller Beaverbrooks has reported a drop in turnover and operating profit in a challenging year for the retail jewellery sector.
The company, founded in 1919 and now operating 81 stores across the UK, said operating profit fell 20% to £8.6 million for the 52 weeks to February 2025, while turnover dipped from £224.3 million to £217.3 million.
Beaverbrooks also recorded a £1.5 million loss on an IT project, which it plans to restart in 2025/26.
Anna Blackburn, managing director of The Beaverbrooks Group, said: “We are very proud of the commitment, resilience and hard work shown by our teams across the UK to deliver strong results in what was a very difficult year for the sector.
“Through the challenges, we have had to make some difficult decisions.
“However, we have stayed true to our values and purpose of enriching lives, leaving us in a strong position – growing our market share and still achieving results to be proud of.”
She added: “We have continued to donate from our profits to great causes through the Beaverbrooks Charitable Trust, something that has always been very important to us and our core purpose of enriching the lives of the communities we serve.
“Reaching a milestone of £25m in company profits being donated to charity since 2000 is something we are all incredibly proud of across the business.
2We know that an amazing experience for shoppers is crucial, whether in store, online or over the phone. As a result, we have continued to invest significantly in our store estates, online experience, and developing our fantastic teams to provide exceptional customer service and expertise.
“It is also more important than ever that we provide the best value, quality and choice for our customers when they come to us for diamonds, jewellery and luxury watches, so we have continued to develop our extensive range of products to ensure we offer nothing less.”
Chairman Mark Adlestone added: “It’s been a tough year across the industry and I am very proud of the efforts that our colleagues have put in to achieve these results.
“It is part of our DNA as a 106-year-old family-owned business to enrich lives through supporting charities and communities, so I am incredibly proud that we have reached such a significant milestone of donating £25m to charities since the year 2000.
“Remaining true to our culture and values has always been an essential part of what makes us strong as a business. We will continue to invest in our people, our business and our communities so that we maintain our success and emerge from the turbulent times we face stronger than ever.”
The jeweller closed seven stores in England and Scotland that were no longer commercially viable but invested £9.5 million in refurbishments at 11 key locations, including Glasgow, Bracknell and Peterborough.
A new store opened in Harrogate in April, and over £1.5 million was spent updating its online shopping platform.
Despite lower turnover, the company said gross profit margins improved and cost efficiencies helped protect cash flow. C
haritable work remained a focus, with the Beaverbrooks Charitable Trust distributing more than £1.6 million to UK-registered charities during the year, taking total donations since 2000 to over £25 million.