Furniture retailer grows sales and profit; invests in logistics

Furniture retailer HSL has reported a growth in sales and profit.

According to its latest filed accounts for the year ended 31 December 2021, total sales were up 16.5% to £49.5m from £42.4m in 2020.

Gross profit increased from £13.5m to £16.7m, while pre-tax profit resulted at £2.9m, up from £544,000 recorded the previous year.

Stated within its report, the company said sales were behind expectations in the early part of the year, which was due to the impact of the Covid pandemic restrictions. However, following this period, performance ‘generally ran ahead’ of historical levels as consumers returned to stores.

In addition to the revenue growth, the group grew its order book by 53% in comparison with the previous year.

During the period, the company reduced its number of showrooms to 53 but remains committed in searching for ‘attractive new retail locations’, with one being opened in Prestwich as a relocation from its former Bolton site. HSL expects to open at least one more store during the year ahead.

Furthermore, HSL expanded its logistics operation, including the signing of leases on two new warehouses in Leeds and Reading.

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