Specsavers, the major UK eyewear company, has recently released its financial accounts for the year ending in February. Despite facing difficult economic conditions, the company managed to achieve a 1.1% increase in turnover, reaching an impressive £3.42 billion. However, operating profit took a significant hit, falling by 39% to £326 million. This decline in profits can mainly be attributed to strategic decisions made by the company.

One of these decisions was to absorb inflationary price increases instead of passing them on to customers. Specsavers also heavily invested in marketing efforts to support its launch and growth in the Canadian market. Moreover, the company allocated more funds towards technology improvements to enhance the online and in-store experiences for its customers.

Aside from its presence in the UK, Ireland, and Canada, Specsavers has operations in several other countries including Norway, Sweden, Denmark, Finland, Spain, Australia, and New Zealand. The company offers a wide range of eyewear brands, including popular names such as Marc Jacobs, Liberty London, Kylie Minogue, Viktor&Rolf, Vivienne Westwood, DKNY, Hugo, Converse, and many others.

However, due to the aforementioned investments, Specsavers experienced a decrease in profit before tax, dropping from £449.5 million to £327.7 million compared to the previous year. Net profit also took a hit, falling from £352.8 million to £246.3 million. Nonetheless, Specsavers Optical Group Limited, the parent company, received an interim dividend of £15 million.

Specsavers was founded in Guernsey in 1984 by Mary and Doug Perkins, who still retain control of the business. The Perkins are billionaires and regularly appear on the Sunday Times Rich List.

In conclusion, while Specsavers faced challenges in its operating profit, the company managed to increase its turnover and strategically invest in new markets and customer experience enhancements. With its continued global expansion, Specsavers remains a prominent player in the eyewear industry.

Useful links:
Specsavers official website
Eyewear industry in Europe – Statistics & Facts