Space NK Reports £196.5 Million Turnover for Fiscal Year 2024, Up 34% Year-on-Year

Yesterday, Space NK has announced its financial results for 2024, driven by surging sales and a growing presence in the UK market. The beauty retailer reported a 34% increase in turnover, reaching £196.5 million for the year ending March 2024. Pre-tax profit soared from £1.5 million to £7.5 million during the same period.

This growth has been attributed to a surge in demand from younger consumers, with under-25s leading the way as the fastest-growing customer segment, recording a 164% rise. Millennial, Gen Z, and Gen Alpha shoppers also played a significant role in driving the brand’s success.

The momentum has carried into Space NK’s 2025 financial year, with first-half sales (April to September 2024) up by 38%. CEO Andy Lightfoot highlighted the retailer’s consistent success, stating, “We are delighted to report another record-breaking half of sales, continuing our run of greater than 30% growth every year since 2020.”

In-store sales grew by 24%, while online sales increased by 35% in the first half of 2024, underscoring the strength of the company’s omnichannel strategy. Lightfoot noted that Space NK’s “customer-first mindset and expertly curated brands” have helped the business more than double its revenue since 2020.

In-store sales grew by 24%, while online sales increased by 35% in the first half of 2024, underscoring the strength of the company’s omnichannel strategy. Lightfoot noted that Space NK’s “customer-first mindset and expertly curated brands” have helped the business more than double its revenue since 2020.

The company is building on this success with plans to open 10 new UK stores. A store in Meadowhall, Sheffield, opened on 17 November, with another set to open in Milton Keynes on 23 November. Further openings in Bluewater and additional locations are planned for 2025.

This expansion follows Space NK’s strategic decision in June to sell its US wholesale division to the North American distributor for JVN Hair and Balmain Beauty. The move is aimed at leveraging Space NK’s assets to boost the growth potential of its beauty suppliers based in New York.