E-commerce sales soar as the craft retailer plans store expansions amid economic headwinds

  • Hobbycraft’s revenue increased by 14.8% to £203.1m in FY22 from £176.9m in FY21
  • E-commerce sales surged by 58.2% after stores reopened in April 2021 compared to pre-pandemic levels
  • Click and Collect sales accounted for 33% of all e-commerce orders
  • Hobbycraft plans to open three new stores in the UK
  • CEO Dominic Jordan credits colleagues’ hard work and passion for the company’s success
  • Inflationary pressures and declining consumer confidence pose challenges for FY23

Hobbycraft has reported a robust financial year, with revenue increasing by 14.8% to £203.1m in FY22 from £176.9m in FY21. E-commerce sales skyrocketed by 58.2% after stores reopened in April 2021 compared to pre-pandemic levels. Click and Collect sales accounted for 33% of all e-commerce orders. The company plans to open three new stores in the UK, with locations in Bromborough, Biggleswade, and Southend. CEO Dominic Jordan praised colleagues’ efforts and acknowledged challenges from inflationary pressures and declining consumer confidence. Hobbycraft will continue to invest in its online platform and Workshop channel.

Factuality Level: 9
Factuality Justification: The article provides accurate information about Hobbycraft’s financial performance, including revenue growth, EBITDA, sales figures, and plans for future expansion. It also includes quotes from the CEO that support the facts presented. The only potential area of subjectivity is the mention of ‘robust’ results, which could be interpreted differently by different readers, but overall it is a factual article.
Noise Level: 4
Noise Justification: The article provides relevant information about Hobbycraft’s financial performance and growth strategies, but it could benefit from more analysis or context on the broader trends affecting the crafting industry and consumer behavior.
Financial Relevance: Yes
Financial Markets Impacted: Hobbycraft’s stock price and other craft retailers
Financial Rating Justification: The article discusses Hobbycraft’s financial performance, including revenue growth, EBITDA, and plans for future expansion. It also mentions the impact of inflationary pressures on customer demand.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk