Independent furniture retailer Barker and Stonehouse has reported a decline in turnover as sales fell below £80m.
According to its latest filed accounts for the year ended 31 March 2024, total sales fell 17.3% to £78.4m from £94.8m in 2023.
Pre-tax profit resulted at £703,000, down from £3m recorded in the previous year.
Stated within its report, Barker and Stonehouse said that the reduction in sales was due to the full effect of post Covid tapering, the cost-of-living crisis and the rise in interest rates that impacted disposable incomes.
“Whilst the margin increased to 46.5%, this was still under the long-term average,” the company added. “Profit before tax decreased due to the significant drop in turnover reflecting the difficult trading conditions.”
The company opened a new standalone store at the Metro Centre in Gateshead during April 2023, while its new website, launched in October 2022, is now “trading well”.
“In July 2024, the company sold its Newcastle city centre store for over £5m being a profit of over £3m. The company then further consolidated its business arrangement with Fenwick Ltd and doubled the floorspace at Fenwick Newcastle in the Autumn of 2024.
“The company is trading profitably since the year end with an increased turnover and gross margin.”
