A UK upholstery group has reported a group-wide sales decline, with all its brands experiencing reduced revenues for the year ended 30 June 2024. Group turnover fell 20.4% to £73.3m, down from £92.1m the previous year. Despite the drop, the group reduced its pre-tax loss to £12.6m from £15.1m.
The company, Sofa Brands International, indicated that its G Plan sales declined by 18.4% to £40.7m, impacted by a post-Covid market normalisation and the loss of a key customer to an Italian supplier. However, the brand returned to profitability with a pre-tax profit of £980,000, up from a £364,000 loss.
Parker Knoll posted a 20% revenue fall to £28.5m, recording a reduced loss of £1.1m. The company noted a "tough market" but reported growth in retail floor presence.
Duresta saw a 45% drop in sales to £3.8m, although losses narrowed from £756,000 to £343,000. The business cited ongoing challenges at the luxury end of the market.
The Lounge Co reported a 21% fall in sales to £5.7m, with losses at £1.1m. The company is shifting focus to B2B commercial growth, while maintaining online and London retail operations.
Collins & Hayes was heavily impacted by a brand relaunch, with sales down 47% to £1.2m. Losses rose to £344,000 from £112,000. The company stated it was a "major transition" year, with the entire range replaced by a new, more contemporary and competitively priced collection. It expects growth going forward.
Despite the difficult trading environment, the group has made progress in cost control and repositioning several brands to better suit changing market demands.
Source: www.bigfurnituregroup.com