Magnet Q3 profits rise 45%

National kitchens chain Magnet capitalised on higher gross margin to boost profits in the three months to end September.

The retailer - which forms the main component of Swedish conglomerate Nobia’s UK business - saw sales here rise 2.1 per cent to £103.8m in its third quarter.

Like-for-like sales were broadly unchanged, Nobia said, adding that it was seeing growth in the lower price segment and with its B2B sales division.

A net three showrooms closed during the period with store numbers falling to 201 by the end of Q3. Gross margin climbed 240 basis points while operating profit jumped 45 per cent to £9.4m.

Source : The Furnishing Report.com
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