Hobbycraft investment paying off

Arts and craft retailer Hobbycraft yesterday reported a 12 per cent increase in sales after a big investment programme in its distribution system. Turnover for the 53 weeks to the end of February increased to £119.1m but operating earnings fell due to its investment programme. The company, owned by private equity group Bridgepoint, has spent £17m investing in a new distribution centre, store development programme and new set of systems.