Beds and mattresses retailer Dreams has reported another growth in sales and profit as revenues climbed towards £400m.
According to the latest filed accounts ended 24 December 2022, total sales rose 8% to £387m from £358.4m in 2021, further adding to its growth of 18.6% from £302.1m in 2020.
Pre-tax profit resulted at £50m, up 3.3% from £48.4m recorded the previous year. Gross margin was at 52.6% and 0.9% points above the previous year’s 51.7%.
Stated within its report, Dreams said that it responded to inflation challenges by tightening discretionary spending, as well as being forced to increase retail pricing in the second half of the year, despite efforts to avoid this for its customers.
“Profit increased as a direct result of sales growth, however, growth fell behind sales growth due to the impact of the inflationary environment,” Dreams said.
At the year end, Dreams had 208 stores, opening two and closing one during the period.