Dubai: Hamleys, the UK-based toy retailer, intends to broaden its reach into the Middle Eastern markets following an increase in sales over the holiday season.
From the second quarter leading up to the last quarter of 2009, Hamleys' like-for-like (LFL) sales (a net growth metric used in the retail industry) were up 7.2 per cent on 2008.
The buoyant performance and cost benefits derived from a restructuring programme completed in 2009 combined to significantly boost profits.
Dubai connection
Hamleys' productive run extended to the Middle East, where its franchise store in Dubai run by partner Retail Arabia International reported festive-season LFL sales increase of 54 per cent.
Hamleys, through Retail Arabia International, plans to expand further in the Middle East, where the toy industry has been growing almost 12 per cent annually and is worth about $1.5 billion (Dh5.5 billion) per year.
The company will open a branch in Mirdif City Centre, its second in the emirate, and is eyeing opportunities in Saudi Arabia and Kuwait.
