Jeweller reports glittering rise in sales despite consumer fears

Published on Wednesday 4 November 2009 20:20

JEWELLERY chain Fraser Hart yesterday revealed a 7 per cent rise in sales as it heads into the crucial Christmas period.

Accounts filed at Companies House revealed the Glasgow-based firm managed to hold its sales steady in 2008 despite the banking crisis and subsequent slide in consumer spending.

Fraser Hart – which has 34 stores in the UK, including six in Scotland – was bought for an estimated 60 million in 2007 by Irish jewellery chain Fields, which in turn is owned by the Dublin-based Anthony Nicholas Group.

Murray McGarvie, Fraser Hart's financial director, told The Scotsman: "We were delighted with the 2008 figures given the enormous damage that was being done to the economy.

"We also opened stores in Cambridge, Bristol and Westfield in London."

McGarvie said Fraser Hart had spent about 2m refurbishing stores during the current financial year and planned to open a further three or four stores a year over the coming five years.

Fraser Hart turned over 53.3m in the year to 31 December, compared with 43.4m in the preceding nine months. On an annualised basis, sales were flat and the year end was changed to match Fields' reporting date.

McGarvie said the fall in pre-tax profit to 4.8m – from 5.8m in the previous nine months – reflected management charges to the parent company.

Staff numbers rose from 423 in 2007 to 438 in 2008.