Responding to the company’s recent year-on-year profit improvements, Nobia’s executive vice president and head of region for the UK, George Dymond, said he is “really encouraged” by Magnet’s performance across the quarter.
Compared with Q2 of last year, when Nobia’s UK business saw operating profits of SEK -211m (roughly -£16.2m), the company says it closed this quarter with operating profits totalling SEK -21m ( roughly -£1.61m). Although this is still a negative profit figure, it is a significant financial improvement of around SEK 190 (£14.6m).
This also follows the trend seen in Nobia’s Q1 results earlier this year, in which the company enjoyed an 86% year-on-year increase to its operating profits.
Asked for his response to the quarterly results, Dymond commented: “While the market remains challenging, I’m really encouraged by the performance of our UK Magnet business in Q2.
“We saw strong like-for-like growth in our retail stores and improved profitability, driven by better margins and growing customer demand. We’ve continued to invest in our future, from opening new stores and refreshing showrooms, to enhancing our digital experience and improving operational efficiency.
He concluded: “Magnet has been a trusted name in British kitchens for over 100 years, and we remain focused on delivering exceptional quality, service and design for every customer.”
Dymond also recently spoke to kbbreview about how he believes Nobia’s strategy to close so-called “unprofitable” stores is a major factor in the company’s financial turnaround over the last year.