A furniture retailer has reported a decline in sales and a shift from profit to loss in its latest financial results. For the year ended 30 June 2024, total sales fell by 17% to £13.7 million, down from £16.5 million in 2023. Pre-tax losses amounted to £315,000, compared to a profit of £14,000 in the previous year.
Furniture retailer, Arighi Bianchi, attributed the downturn to weakened demand in the wider market during the 2024 fiscal year, leading to a decrease in turnover of £2.8 million. Online sales also continued to decline. The company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the year recorded a loss of £86,274, a significant change from the previous year's profit of £282,368. Additionally, the actuarial gain decreased to £134,000 from £275,000 in 2023, while net assets totalled £1.1 million, down from £1.4 million.
In response to the challenging trading conditions, the company undertook strategic and financial planning to revitalise the brand's visibility and appeal. The business shifted its focus to adapt to the market environment, aiming to strengthen its position.
Sarah Bianchi, CEO, expressed optimism about the future, stating that the company remains committed to navigating the market challenges while focusing on driving efficiencies and investing in growth.
Source: www.bigfurnituregroup.com