A UK furniture retailer has announced a decline in turnover alongside widening losses for the year ending 31 December 2023. Total sales fell to £12.8 million over an extended 15-month period, down from £13.7 million in 2022.
While the UK sales of the retailer, Cult, increased to £12.6 million from £11.8 million, EU sales saw a significant drop, falling to £342,000 from £1.8 million. Pre-tax losses rose to £260,000, compared to a loss of £13,000 the previous year.
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Cult attributed the decrease in turnover to difficult market conditions, noting that its performance aligned with expectations. The company is actively pursuing strategies to expand its customer base, with a particular focus on UK customers.
Overall, while the retailer has faced challenges in the European market, it remains committed to growing its presence in the UK and adapting to the current economic landscape.
Source: www.bigfurnituregroup.com