Further discounting impacts sales as losses widen at online group

Online retail group Buy It Direct Ltd, owner of Furniture123.co.uk, has reported another reduction in sales as well as widening losses.

According to its latest filed accounts for the year ended 31 March 2023, total sales fell 15.9% to £354m from £421.2m in 2022, adding to its prior decline of 3.5 from £436.7m in 2021.

Pre-tax losses resulted at £13m, widening from its loss of £10.4m year-on-year.

Stated within its report, the company said: “In the first half of 2023, trading remained challenging, with the business continuing to discount in order to complete the stock reduction programme.

“The business also focussed on completing the realignment of the cost base, activity that commenced in 2022. This was the legacy of the supply chain disruption in the previous year.

“In the second half of 2023, having completed the stock reduction programme and reduced overheads, the company returned to profitability.”

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