The furniture and applied arts industry has faced challenging times, and a prominent store located in Ringe, just south of Odense, Denmark, has been no exception. Despite its prime position near the Svendborg motorway exit, the family-owned company has felt the effects of declining consumer confidence.
Photo: Trendbazaar.
Trendbazaar's latest financial year, which concluded in June 2024, reflected the broader struggles of the industry. According to owner Zaki Liokouras, the period was marked by a drop in revenue. 'The financial year was characterised by declining revenue, which was a general picture in the industry. The aforementioned interest rate shock was expressed in declining consumer behaviour and general restraint,' he explained.
This decline resulted in a recorded loss of 2.4 million Danish kroner. The company's gross profit also dipped to 2.1 million kroner, down from 5.5 million the previous year. Other key financial metrics, including equity and the number of employees, highlighted the strain on the business. However, there is now optimism on the horizon.
Liokouras reports that the current financial year is showing significant improvement compared to the previous period. He stated that Trendbazaar is now 'significantly better than the same date last year.' With more than half the financial year underway, prospects appear bright, with the company anticipating a return to profitability.
The challenges facing Trendbazaar are part of a wider crisis in the furniture industry, which has seen declining consumer spending and increased caution due to rising interest rates. Despite these difficulties, the company remains resilient and optimistic about its future.
Trendbazaar's 5,000-square-metre showroom and its strategic location continue to play a vital role in its operations. As the business works to rebound, it is clear that adaptability and determination will be key to navigating the shifting landscape of the furniture industry.
Source: www.wood-supply.dk