Furniture brand suffers from softening of demand

Furniture brand Swoon has reported a decline in sales as profit falls to a loss of £2m.

According to its latest filed accounts for the year ended 31 December 2022, total sales fell 21% to £14.2m from £17.9m in 2021.

Pre-tax losses resulted at £2m, down from a profit of £1.1m recorded in the previous year.

Stated within its report, the company, which sells direct to consumer and through selected retail partnerships, said: “2022 saw a softening of demand in the furniture market following a period of pent-up demand in prior years driven by the pandemic. This coupled with inflationary pressures, particularly around freight and raw materials weighed on margins.

“Swoon continued to grow distribution channels with UK household brands to increase market share and ended the year with an exceptionally strong Black Friday.

“Looking ahead, the business continues its strategy to grow distribution through new UK retailers whilst also growing existing ones, particularly through launching Swoon stores.”

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