Boxed mattress brand sees UK sales fall by £22m

Boxed mattress retailer Simba Sleep has reported a decline in sales as losses continued to widen.

According to the latest filed accounts ended 31 December 2022, total sales fell 21% to £82.7m from £105.2m in 2021.

Pre-tax losses resulted at £8.6m, widening from a loss of £5.3m the previous year, in addition to its 2021 loss of £2.6m.

Stated within its report, Simba said UK sales fell 22% to £76m from £98.2m, while mainland Europe revenues decreased from £6.2m to £5.5m. Sales outside of the EU rose from £707,000 to £1.1m.

Simba said that despite the sales decline, revenues were up 72% on pre-Covid 2019 turnover of £48m. Group profit margin was 43%, down from 45%.

“The UK EBITDA (£4.2m) together with external funding, enabled the group to invest further in its overseas territories, laying the foundations for future profitable growth,” Simba added.

“These overseas investments meant that overall, the group generated a loss for the financial year. The group improved its net current assets position to £1.6m and net assets to £5.5m. The group finished with a very strong cash position of £15.8m which was a £5.1m improvement on the prior year.

“The expected outlook for the 2023 year is for profitable growth in the UK vs 2022 whilst continuing to grow overseas markets.”

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