A family furniture business in the UK has reported a decline in both sales and profit, according to its latest financial accounts for the year ended 30 June 2024. Total sales fell by 12% to £14.4 million, compared to £16.4 million in the previous year. Pre-tax profit also decreased to £863,000 from £1.3 million recorded in 2023.
The company, Cousins Furniture, stated that sales order intake remained similar to the previous year, despite earlier disruptions caused by the Covid pandemic no longer affecting consumer behaviour. Delivered sales were down 12% compared to the previous year, which had seen inflated figures due to the easing of supply chain challenges, including raw material shortages, shipping delays, and port congestion.
Despite the decline in revenue, the company reported a stable gross margin of 48.16%, only slightly down from 48.10% in the prior year. The reduction in gross profit was attributed to the decrease in overall sales.
Cousins Furniture continues to invest in IT and business systems, including website improvements, to enhance cost control and organisational efficiency. The company believes that these investments are vital for future success and ongoing development.
Source: www.bigfurnituregroup.com