A UK furniture retailer has announced a successful financial year, despite challenges in the retail sector. In its trading update for the year ending June 2024, the company, Furniture Village, reported a 3% increase in like-for-like order intake, resulting in record profits of £12.35 million, the highest since the post-COVID period. Pre-tax profit stood at £10.1 million, with cash reserves at £40 million.
Despite disruptions in deliveries due to geopolitical issues, the company's supply chain management minimised the impact.
Photo: Furniture Village.
Following a share buyback in October 2022 that made the company fully family-owned, Furniture Village implemented a profit-sharing scheme called the "Family Partnership," doubling the payout to approximately £2.25 million for around 1,050 employees.
CFO Eamon Wynne expressed confidence in the integrity of their financial reporting, while Chairman Peter Harrison emphasised the importance of customer and employee care in navigating economic uncertainties. Managing Director Charlie Harrison highlighted the company's commitment to organic growth and expansion, announcing plans to open its first store in Edinburgh on Boxing Day 2024, followed by additional locations.
Long-term employee Marisa Keenan praised the recognition of hard work through the profit-sharing scheme, noting its positive impact on team motivation and overall business success.
Source: www.bigfurnituregroup.com