Furniture retailer Loaf has reported a growth in sales and profit as turnover climbed towards £100m.
According to its latest filed accounts for the year ended 31 March 2022, total sales rose 52% to £93.9m from £61.7m in 2021, an uptick of £32.2m.
Gross profit increased from £30.6m to £51m, while pre-tax profit resulted at £12.7m, up from £7.2m recorded the previous year.
Stated within its report, the company said that it continued to grow its customer base as well as introducing innovative products, which included building on its Loafing Supplies range of giftable, lifestyle products. These allowed both new and existing customers to ‘engage more readily’.
Loaf said it continues to invest in the business and is nearing the opening of its nineth store, while also its first in Scotland. The new store will be situated at Straiton Retail Park in Edinburgh and is expected to open during December 2022. It will also be its largest store to date with a space of 9,100sq ft.
The company has also injected further investment in its marketing strategy following successful TV ads, as well as investing in its website with the introduction of high-res 3D rotating product rendering models.
Furthermore, during the year, Loaf underwent a corporate restructure and is now owned by LFH International Limited. “All directors have a shared vision of prudent investing in the company for the longer term. Net working capital remains positive leaving the company in a continued strong financial position,” Loaf said.
