Beaverbrooks on target to break sales records as watches, diamond jewellery soar
Jeweller Beaverbrooks has bounced back from the pandemic with overall sales up 36.5% this year compared to its pre-Covid 2019 figures. And it’s on target for a record-breaking year.
2019 was actually its most profitable year ever and the family-owned firm also said that it has seen a 28% rise in sales of diamond jewellery compared to two years ago. This is all despite its sale prices having risen by an average of 19%.
The retailer said shoppers are spending more money on sentimental items this year and on buying gifts for loved ones, which has driven up interest in watches, gold and silver jewellery. Sales in those categories have soared 58%, 28% and 43%, respectively.
It’s seeing strong sales through its stores as customers want to touch, feel and try on before buying, but its online and mail order channels are both performing well too.
MD Anna Blackburn said: “After a year of lockdowns and cancelled plans, we’re certainly seeing a greater demand for gifting this year, with customers keen to make this year one to remember for the right reasons.
“There’s no doubt that the news of a new Covid variant has created a degree of consumer uncertainty, but despite this we are experiencing a sustained high volume of sales with customers determined to treat their loved ones to something special this year.”
She added that “a nationwide desire for a ‘normal’ Christmas may be why we’re seeing such strong sales figures”.
The update came a month after the business filed its annual results for the year to the end of February that were fairly impressive in the circumstances. Those accounts showed that the pandemic year saw its sales falling to £123.1 million from £143.2 million. But its pre-tax profits edged down only a little from £10.7 million to £10 million.
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