Downturn in revenue was driven by the closure of beauty retail due to Covid-19
Space NK's Regent Street store, London, UK
British beauty seller Space NK has reported a dip in its sales for the year ended 27 March 2021.
Turnover was down 11% to £111m due to the closure of beauty shops during the height of the Covid-19 pandemic.
The UK entered three separate lockdowns during the 12 month period, while restrictions on non-essential retail continued for many months after.
Consumer spending, therefore, shifted to online.
E-commerce sales, however, compensated for the decline in footfall at its stores, according to Space NK.
“Having learnt and traded successfully through previous lockdowns, the Directors are confident in the group’s agility to adapt to trading solely online,” a report on Companies House read.
Space NK approved a dividend payment of £98.7m, following the sale of Space Brands Limited in March 2021.
Meanwhile, charitable donations of almost £28,000 were made by the beauty retailer.
2022 has proved a busy year for Space NK so far.
In January, the retailer announced it would be the exclusive seller of Selena Gomez’s Rare Beauty brand in the UK.
Prior to that, the beauty pure play rolled out an in-store recycling scheme with circular economy group Handle Recycling.
Most notably in 2022, the British group joined forces with American retailer Walmart to become its in-store beauty supplier.
BeautySpaceNK, as it will be known, will give US customers access to more than 600 products from 15 brands.
Foreo, By Terry and Eyeko are among the first brands to launch via the new partnership.
Launching online first last month, the bricks-and-mortar destinations are expected to launch this summer.