SCOTTISH diamond retailer Chisholm Hunter has hiked profits by 35% in its latest financial year and declared its performance would have been even better had it not been forced to delay two store openings. The
It had hoped turnover would reach pound(s)30m, but revealed sales had come in just below that level after two openings planned for
In its previous set of accounts the firm, which can trace its roots back to 1857, reported profits of pound(s)2.1m on turnover of pound(s)18.9m.
"We've still got a 35% increase. The profit will be pound(s)2.8m this year."
Chisholm Hunter boosted its portfolio last year by opening two units in
And plans are in place to expand that number by at least four this year.
The retailer was scheduled to open a store in
The company is currently co-operating with the local authority to achieve a "sympathetic restoration" of the Art Deco building, which
He revealed investments of at least pound(s)500,000 will be made to refurbish the
The expenditure, which the business generated from its own resources, does not include the cost of stocking the stores and recruiting staff.
"To refurbish it is going to be over half a million [pounds]. I think it has got huge potential."
It will open its fourth in
Noting that the unit will also trade as Chisholm Hunter,
The company is also in talks over acquiring a further site at an undisclosed location in
Asked whether the firm has set a target on store numbers, he said: "What I've always felt is that the most important thing is we reach our full potential, therefore we don't set an unrealistic target of saying we are going to open 100 stores. I have seen quite a few people come and go who have planned things like that.
"The main thing is that we are realistic, and that the target is stretching and achievable.
"We look at stores the same way we look at stock now - we're looking for quality environments. In terms of stock, even if something is a great seller, if we don't feel the quality is there we won't get into it. We would rather lose a sale than lose a customer."
The gemologist revealed the firm's latest results as he confirmed Chisholm Hunter had been short-listed for a multiple jeweller of the year award. If successful it will be the third year in a row it has lifted the gong at the Retail Jewellery Awards.
Asked for his views on current trading,
SCOTTISH diamond retailer Chisholm Hunter has hiked profits by 35% in its latest financial year and declared its performance would have been even better had it not been forced to delay two store openings.