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hatfieldsColchesterNewLook
Hatfields will modernise the look of its c.50,000sqft. store
Major South East furniture retailer Hatfields is progressing its long-in-the-planning external frontage works to modernise its Colchester store.

 

The Essex retailer said in just-filed accounts, signed off last Tuesday, that the "fresh, modern appearance will be accompanied by a rebrand launch."


In previous years, directors had lamented the "frustratingly slow" progress of its store plans, but had said it was important to get it right first time.


Planning approval to extend, refurbish and over-clad its circa 50,000sqft. Peartree Road store was granted this spring.

hatfield ColchNewLook2


Hatfields' latest comments follows a softer trading period for the business in the year to end March 2018, where sales declined 7.1 percent to £7.37 million.


Turnover remains higher on a two-year basis (2015–16: £7.1m) with the privately-owned retailer citing an increase in local property development as a positive, as it will bring more consumers to the area and increase its addressable market.


In 2017–18, Hatfields maintained gross margin at 42.8 percent while net income climbed almost three-fold to £274,413. That takes into account a pension gain in the latest period and a deficit in the year before.


Stripping those out, along with tax, meant earnings were down 21 percent to £287,538.


The company was cash generative broadly in line with profits, with year-end cash close to flat at £1.22 million (2017: £1.27m) net of capital expenditure, debt pay down and dividends.


Hatfields' balance sheet value climbed to £2.63 million (2017: £2.47m).