Garden furniture retailer White Stores has reported another decline in sales and profit.
According to its latest filed accounts for the year ended 31 December 2023, total sales resulted at £40.1m, down 15.7% from £47.6m in 2022, marking a consecutive year of falling revenues.
Pre-tax profit stood at £621,000 for the year under review, down from £1.1m, while gross profit margin reduced from 28.9% to 28.1%.
Stated within its report, White Stores said: “The business was pleased to see exceptional growth of one of our key products, which has significantly increased in turnover while maintaining a strong gross margin. This achievement underscores the product’s robust market demand and our effective sales strategy.
“We foresee this product continuing its impressive growth trajectory in the coming years, further solidifying our market position. Additionally, our status as a key customer for the world’s leading supplier of said product enhances our ability to meet growing demand and ensure consistent quality. This strong partnership positions us well for sustained success and market leadership.
“Despite a decrease in turnover, we are pleased to report a notable improvement in our operations. The business’s gross profit margin has increased, highlighting our efforts to enhance efficiency. This achievement underscores our successful cost management and process optimisation strategies.
“The business’s dedication to refining operations has allowed us to maintain gross profitability and continue delivering quality services. We are confident that these improvements will support our long-term growth and stability.
“While our EBITDA is at 2% this year compared to 5% last year, this reflects the business’s strategic investments in key areas to drive future growth. The current year’s EBITDA, although lower, signifies our commitment to enhancing our infrastructure, expanding our product lines, and improving customer experience.
“These investments are expected to yield substantial returns in the coming years. We remain focused on building a strong foundation for sustainable growth and are optimistic about our long-term profitability and market position.”
