Furniture and interiors business Soho Home has reported a growth in sales as turnover almost doubled.
According to its latest filed accounts for the year ended 2 January 2022, total sales rose 97% to £24m from £12.2m in 2021. Profit resulted at £4.3m, significantly improving from a loss of £1.5m. Adjusted EBITDA was £2.5m, improving from a loss of £1.4m.
Soho Home, which operates online and in select retailers such as Harrods and Selfridges, as well as from four UK stores, said that gross margin increased from 38% to 50% as a results of smarter purchasing from suppliers of the new product ranges launched during the year.
The business, which opened a new store on Kings Road in London during the period, added that its gross margin and EBITDA were within expectations for the period given the investment it has made in the continued development of new products and lines.