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Hamleys Shuts 29 UK Stores as Pre-Tax Profits Surge to £3.7 Million

The century-old retailer is leaning on franchise royalties with a bigger digital push to navigate inflation-hit consumer spending.

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Overview

  • Hamleys closed 29 loss-making UK stores in its latest financial year while opening 22 new locations, maintaining 11 UK outlets and expanding to 176 branches globally.
  • The company reduced its UK workforce from 435 to 401 employees as part of its cost-optimisation efforts.
  • Annual turnover climbed to £53.3 million and pre-tax profit jumped to £3.7 million, up from £673,000 the previous year.
  • UK sales rose to £45.9 million and European revenue increased to £832,000, though rest-of-world sales dipped to £6.5 million.
  • Management highlighted a recent strategic review and pointed to franchise growth and digital initiatives as the pillars of its 2025 expansion plan.