Difficult conditions impact performance at Cult

Furniture retailer Cult has reported a decrease in turnover while profit fell into the red.

According to its latest filed accounts for the year ended 30 September 2022, total sales fell 6.8% to £13.7m from £14.7m in 2021.

UK sales fell 2.3% to £12.6m from £12.9m, while EU sales fell 44% to £1m from £1.8m. Outside the EU, revenues increased from £14,000 to £38,000.

Pre-tax losses resulted at £13,000, down from its profit of £943,000 recorded the previous year.

Stated within its report, the company said turnover fell due to the impacts of Brexit and difficult market conditions.

“The performance of the company was in line with expectations. The company continued to pursue its strategy to build a larger customer base and focus on UK customers,” the business added.

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