Independent furniture and homewares department store chain Collingwood Batchellor has reported another growth in sales while profit remained strong.
According to its latest filed accounts for the year ended 28 January 2024, total sales rose 2.6% to £11.7m from £11.4m in 2023, adding to its growth of 19% from £9.5m in 2022.
Pre-tax profit resulted at £1.9m, consistent with the previous year.
Stated within its report, the company said: “The Directors are pleased with the Company’s results overall. In spite of the “Cost of Living Crisis” and the current economic climate, turnover was higher than the prior year and the Company has still managed to maintain a gross profit margin of approximately 48%.
“The Self-Storage business remains strong, with turnover from this income stream exceeding £250k in this financial year. The Company has now started making plans to augment the Self-Storage business.
“The company has continued to invest, diversify and improve the business. The Company has now converted the warehouse area in the Worthing store to extend the retail site and the first apartment is now completed and generating rental income.
“A further eight residential flats will be built at the Worthing Store, with work commencing in May 2024. These will be completed by Summer 2025. Following on from this work, the façade of the building will be refurbished.
“The Horley store completed works to the second floor of the store, which have been well received. Work will begin in June to improve and refurbish the ground and first floor retails areas to enhance the customer experience. The project will be funded by the Company’s own cash reserves.”
