Beds and mattresses retailer Dreams has reported a growth in sales and profit as revenues climbed by over £50m.
According to the latest filed accounts ended 24 December 2021, total sales rose 18.6%, or by £56.3m, to £358.4m from £302.1m in 2020.
Gross profit increased from £165.7m to £185.4m, while pre-tax profit resulted at £48.4m, up from £46.3m recorded the previous year.
Stated within its report, Dreams said that its results were impacted by Covid but the company responded ‘well to the challenge’, with a ‘relentless focus on customers, colleagues and culture’, which enabled the business to emerge in a strong position.
At the year end, Dreams had 207 stores, opening seven and closing eight during the period, while adding that its online platform helped deliver top line growth, especially in the period stores were closed due to lockdowns relating to the pandemic.
Full year highlights included:
· Strong trading across our ecommerce platform with net sales growth at +187% from 2019
· Opened 4 new Dreams stores, 4 Feather & Black stores (all within Dreams stores), 3 relocations and refurbished 19 sites in the period
· Delivered a record 600,000 orders in the period.
· Made half a million mattresses, divans bases and headboards at our dreams Bed Factory in Oldbury.
· Building on existing partnership with Team GB and ParalympicsGB; became the official sleep partner of the Special Olympics
· Maintained excellent customer satisfaction levels, scoring 92% for Retail and 86% for Home Delivery respectively through our customer satisfaction survey “Pillow Talk.”
Jonathan Hirst, CEO, said: “These results once again reinforce the strength of our brand and the resilience of our colleagues, who have continued to show unfaltering commitment to the Dreams business.
“Whilst 2021 was undoubtedly a more positive year for retail, it was still a challenge, with stores shut for an additional 14 weeks and affecting sales.
“Despite this, a relentless focus on customers, colleagues and culture allowed us to respond well and mark the eighth year of consecutive profit growth.
“This is all down to our colleagues and the Dreams strategy: to provide our customers with great choice, great customer service, high-quality products and fast delivery, giving them the best experience possible.
“It has been a privilege to take on such a strong team in my first year as CEO, and I look forward to driving further growth over the coming years.”