National bed retailer Bensons for Beds has reported sales of almost £240m although losses reached over £30m.
According to its latest filed accounts for the year ended 24 September 2022, total sales generated £239.4m, while pre-tax losses amounted to £31.1m.
Compared to shortened period, from 25 April 2021 to £25 September 2021, sales stood at £101.9m with a pre-tax loss of £3.3m.
Stated within its report, Bensons said: “This 12-month trading period for the company has presented a range of challenges, both internal and external. The directors are pleased, however, to note that the business exits the period in a much stronger position than it entered it, with a new management team, a resolute focus on delivery of the strategy and positive early signs of success.”
During the period, Bensons reduced its store estate from 177 to 165 in an effort to exit from unprofitable stores as well as relocate into locations that fit its strategic profile. “This exercise is nearly complete, and the property team are now focussing on building the store base to allow further growth in the business,” the company said.
With regards to online, the business has invested within its digital channels and saw significant improvement in the last quarter of the period, with like-for-like sales up 26%, which has continued into the new financial year.
“The second half of the period saw significant progress in our digital / omni channel strategic initiative, with % participation growing over 5% by period end, an improved channel conversion and 35% growth in sales vs pre-covid levels. We have already started the roll out of a new customer data platform, which, through integrating data across all our digital and physical channels, will enable us to create personalised, relevant and targeted customer communications whilst at the same time further enhancing our understanding of how customers are interacting with the Bensons brand,” the company added.
Within its manufacturing division, sales for the period reached £44.7m, with pre-tax profit resulting at £2m. Bensons said that customer demand from its retail sector was high.
Bensons recently posted an update on FY23 sales, with revenues up 8% on a like-for-like basis for the three months to the end of June. Bensons also confirmed that eveSleep has seen significant sales growth, as the business completed the move to bring the brand to its physical stores across the UK just nine months after it was acquired.
The eveSleep website continues to trade “profitably” and Bensons has now strengthened the brand through the introduction of exclusive eveSleep hybrid mattresses to stores. In-store sales of hybrid mattresses have grown by around 60% since they were launched at the end of March.