Space NK finds it looks ugly for expensive make-up - Business - Evening Standard
       

Space NK finds it looks ugly for expensive make-up

Cosmetics and skincare retailer Space NK plunged into the red last year as women stopped splashing out on expensive make-up and £150 face creams in the recession.

The chain, which was founded by beauty guru Nicky Kinnaird, made a loss of £1.4 million for the 12 months to the end of last March from a £3 million profit a year earlier, and warned today it has yet to see any recovery in sales.

In accounts filed at Companies House, Space NK bosses predicted that 2010 would be "another very challenging year" and that customer demand will remain "weak" as fears over job security weigh on shoppers' minds.

Sales rose 0.2 per cent to £44 million in the period thanks to the opening of six new stores in the UK, but the retailer described the crucial Christmas period as "disappointing".

Space NK, which is backed by private equity firm Manzanita Capital, also opened nine outlets in the US.

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