British jewellery chain Beaverbrooks has released its results for the year to February with the firm’s turnover rising as it ramped up investment in its store estate.

The 105-year-old family-owned diamond, jewellery and watch retailer hit record turnover of £228.6 million, up from £225 million in the previous 12 months. The company said it grew market share “in a difficult economic landscape” and that was reflected in a drop in operating profits to £10.5 million.

It had seen a similar situation in the previous financial year as it prioritised long-term growth over short-term earnings.

This time the firm’s costs rose during the year, denting profits, although the drop was also linked to the aforementioned increased investment to help drive future growth. 

The company sells jewellery from brands including Boss, Emporia Armani, Gucci, Lauren by Ralph Lauren, Michael Kors, Vivienne Westwood and more.

It increased its investment in its store estate by 5% to over £15.3 million. This included the refurbishment of seven Beaverbrooks stores, in addition to the opening of a second luxury Loupe boutique in Croydon and five monobrand boutiques – bringing the total to 88 Beaverbrooks Group stores nationwide.

Other investment spend went towards the customer experience and its e-commerce ops and it has been further enhancing this, along with its store portfolio during the current business year.

And some cash went towards keeping staff happy as it added a Christmas bonus of a week’s extra pay, kept stores closed on Boxing Day, and sent staff on training courses across the year. Its charitable donations also added up to £2.34 million, for its highest proportion of annual profits to date.