Clogau Gold, a prominent jeweller with locations across England and Wales, has reported a downturn in both turnover and profits for the year ending 30 September 2023. Despite this, the company remains optimistic about its future prospects.
The business, which specializes in the design, wholesale, and retail of jewellery, saw its turnover decrease to £21.7 million from £22.9 million in 2022. Pre-tax profits also suffered a significant decline, falling from just over £5 million to £2.8 million.
Beginning the year with 15 stores, Clogau Gold experienced a 13 percent drop in like-for-like store sales due to the ongoing cost of living crisis, which impacted discretionary spending and altered consumer shopping patterns. Despite these challenges, the company’s high street presence has maintained its vibrancy.
At the year’s end, Clogau Gold retained the same number of stores, having opened a new location in Bristol and closed an outlet in Cannock in August. Currently, the company operates 13 boutique stores and two outlet stores.
The company’s board attributed the 6 percent decline in turnover to broader economic trends influenced by the Bank of England’s interest rate policies aimed at controlling inflation and moderating consumer spending.
Looking ahead, Clogau Gold plans to open a new store in Merthyr Tydfil by the end of September 2024. Additionally, the company will replace its ERP system and assume in-house management of its online outlet store, clogauoutlet.co.uk. These steps are part of the company’s strategy to enhance customer experience and streamline operations, reinforcing its commitment to an integrated omnichannel approach.
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