An independent furniture retailer has recorded a drop in sales and a swing into loss for the financial year ending 31 July 2024. Total revenue fell by 10.2% to £14.7m, down from £16.4m in the previous year, with economic uncertainty and interest rate concerns cited as contributing factors.
The business noted ongoing challenges across the retail sector, including hesitation among consumers ahead of elections in both the UK and the US. Despite these headwinds, gross margin improved from 44% to 45.5%, driven by better supply chain efficiencies and a reduction in cost of sales.
Graham and Green, which operates online and through four physical stores, three in London and one in Bath, reported a pre-tax loss of £473,000, compared to a modest profit of £8,400 the year prior. The company acknowledged the difficult trading environment but highlighted that turnover remains 20% higher than in the 2020/21 financial year.
Source: www.bigfurnituregroup.com