Furniture boosts online at department store; pressures impact profit

Norwich-based department store retailer Jarrolds has reported another growth in sales as turnover surpassed £30m.

According to its latest filed accounts for the year ended 29 January 2023, total sales rose 23.5% to £32m from £25.9m in 2022, adding to its growth of 36.3% from £19m in 2021.

Pre-tax profit of £5m recorded the previous year, slipped to a loss of £10m.

Jarrolds said that its online retailer channel continued to grow aided by investment and increases in product ranges, including the introduction of furniture online.

Stated within its report, the retailer said: “The year has seen trading return to pre-pandemic levels at the top line with revenue consistent with that recorded in 2020.

“Unfortunately, inflationary pressures on both cost of goods and employment impacted profitability, which was also impacted by a downward valuation in the property portfolio as yields increased in the high interest rate environment.”

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