Furniture brand sales slip again; profit returns

Furniture brand Swoon has reported a decline in sales but a return to profit.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 4.2% to £13.6m from £14.2m in 2022. This marked a second year of declining sales, adding to its drop of 21% from £17.9m in 2021.

Pre-tax profit resulted at £188,000, improving from a loss of £2m recorded in the previous year.

Stated within its report, the company, which sells direct to consumer and through selected retail partnerships, said: “2023 saw a return to profitability for Swoon, driven by a clear focus on improving product margins, control of overheads and expanding distribution further with UK national retailers.

“Turnover in 2023 was down, driven by a softening of demand in the furniture market following a period of pent up demand driven by the pandemic. Gross profit margins improved by 9% pts. year on year to 37% driven by reduced discounting, improvements in product quality and a return to pre pandemic freight costs.

“Looking ahead, the business continues its strategy to grow distribution through new retailers in the UK and overseas. We remain committed to improving our customer proposition, finding winning designs quickly and distributing through our partners.”

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