Furniture retailer Arighi Bianchi has reported a reduction in sales while profit fell into the red.
According to its latest filed accounts for the year ended 30 June 2024, total sales fell 17% to £13.7m from £16.5m in 2023.
Pre-tax losses resulted at £315,000, down from a profit of £14,000 recorded the previous year.
Stated within its report, the company said: “Demand in the 2024 fiscal year weakened, along with the wider market. Year on year turnover decreased by £2.8m, with online sales dipping again this year.
“The Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) for the year was a loss of £86,274 (2023 profit of £282,368). The actuarial gain totalled £134,000 (gain of £275,000 in 2023) and the Company ended the year with net assets totalling £1.1m (2023: £1.4m).
“Whilst trading was challenging in FY24 the business has risen to the challenge and through detailed strategic and financial planning the business took the brave but conscious decision to shift its focus to not only mitigate the trading environment but to enable the revitalisation of the brand’s visibility and appeal.”
Sarah Bianchi, CEO, added: “We remain optimistic as we continue to navigate the current market and retain our focus on driving efficiencies and investing in growth.”
