Furniture retailer Loaf has reported sales of almost £60m in its latest set of results over a shortened period.

According to its filed accounts for the nine-month period ended 31 December 2023, total sales stood at £59.8m. Revenues for the 12-month period ended 31 March 2023 reached £92.2m.

Underlying EBITDA resulted at £7.5m, while pre-tax profit was £5m for the nine-month period. For the 12-month period, underlying EBITDA and pre-tax profit came in at £13.4m and £11.4m respectively.

Stated within its report, Loaf said that it had altered its period end to align with the year end of its ultimate parent company, Jersey-based LFH International Limited.

“Whilst the company is pleased with the progress made to date on delivering the strategy, it has faced significant headwinds during the period,” Loaf said. “The overall softening of the furniture market continued following the shift in consumer spending from higher priced items.

“This coupled with the company’s commitment to maintaining a full price strategy to preserve profits despite trading in a highly competitive retail environment has led to a decline in its sales orders for the comparable period by 9% to £56m.

“However, the board is pleased that the company delivered strong profitability at 13% of turnover despite the market uncertainties and rising cost pressures. This is a reflection of the company’s continued investment in the brand.

“Since the end of the financial period, customer demand has remained challenging, and the furniture market continues to be highly promotional. The company’s sales are down on the period but substantially up on the pre-Covid trading period and therefore notably outperforming the UK furniture market in this regard.”

Loaf recently opened a new store in Chiswick, London, bringing its Shack’s (its take on a showroom) to 11 across the UK.

The 3,500sqft high-street store is located on Chiswick High Road and opened on Thursday 8 August.