A high-end furniture retailer has reported a significant decline in sales and a rise in losses in its latest financial statement. For the year ended 31 March 2024, total sales dropped by 58% to £10.7 million, down from £25.5 million in the previous year. Pre-tax losses increased to £10 million from a loss of £9.9 million recorded in 2023.
The Conran Shop attributed the continued losses to disappointing financial performance in recent years. The company acknowledged that it is not expected to return to profitability within the next 12 months. As part of its restructuring efforts, the company closed its Chelsea store in the prior year and, after the year end, shut down its Marylebone location.
Additionally, The Conran Shop's French subsidiary, The Conran Shop SAS, entered voluntary liquidation during the period. However, the company expanded its presence internationally by acquiring a controlling interest in a business in Kuwait, which began trading towards the end of the reporting period.
Looking ahead, the company remains optimistic about its future. The management highlighted the opening of a new flagship store on Sloane Street and the strategic re-focusing of its product range. The directors expressed confidence that ongoing restructuring and business streamlining would strengthen the brand's position in the market.
Source: www.bigfurnituregroup.com