The parent group behind online furniture retailer Furniturebox has reported a growth in sales, driven by its launch in the US and new distribution hub.
According to the latest filed accounts for the year ended 31 July 2024, total sales rose 20.6% to £25.6m from £21.2m in 2023.
UK sales increased slightly to £18.9m from £18.7m, while EU revenues rose to £707,000 from £349,000. Rest of the world sales grew from £2.1m to £5.9m.
Pre-tax profit resulted at £444,000, significantly improving from a loss of £1.1m recorded the previous year. Gross profit margin was up 5.5% to 29.42%.
Stated within its report, the company said: “The 2023-2024 financial year marked our second full year operating from the Chippenham distribution centre. We continued to shift from foundational consolidation to focused growth initiatives. With our teams and structures now well-aligned, we initiated several key projects aimed at enhancing our market position and operational efficiency.
“Significant additions were made to our team; including a Financial Director, Head of Product, HR Manager, and Data analyst. These additions have strengthened our ability to scale and adapt, representing a pivotal step toward a robust and sustainable growth platform.
“While the prior year brought relative stability to the supply chain, this year presented new challenges, particularly disruptions driven by conflicts in the Middle East. These challenges led to shipping delays and rising costs, which placed pressure on our margins. However, our strong supplier relationships and proactive planning mitigated some of the adverse impacts.
“Domestically, the environment remained complex, shaped by political elections, slow economic growth, elevated interest rates, and persistent cost of living concerns. Despite these headwinds, our adaptability and resilience have positioned us to navigate this dynamic landscape while maintaining focus on our long-term growth strategy.
“We have continued to see sales in the US go from strength to strength, growing by 179%. We have launched over 100 products in the market, set up a US compliance testing framework, and expanded our reach through Amazon US.”
