Independent furniture retailer Barker and Stonehouse has reported a growth in turnover as sales were just shy of £100m.
According to its latest filed accounts for the year ended 27 March 2022, total sales rose 28% to £97.6m from £76.1m in 2021.
Gross profit increased from £34.9m to £43.9m, while pre-tax profit resulted at £8m, up from £4.9m recorded in the previous year.
Stated within its report, Barker and Stonehouse said that sales benefited from stores being open for most of the year and increased demand for home furnishings following the pandemic. Gross margin dropped by 0.9%, reflecting rising costs in the supply chain.
Year end cash rose by £3m to over £12m and stockholding increased by £6m to over £19m. In the year, the business built a new state of the art warehouse for over £3.5m, as well as entering into an agreement with Fenwick to open concessions in Newcastle and Bentall’s Kingston Upon Thames stores. The partnership has also seen products listed on their website.
Furthermore, the company acquired a freehold site at the Metro Centre in Gateshead and is currently building a new flagship store, which is set to open in Spring 2023 on 7 April. Ahead of the opening, its Newcastle city store will close in March due to the investment at the Gateshead store, which is larger and will still include a Fenwick concession.
The retailer has also recently thanked staff members for coming up with a raft of initiatives that have helped cut energy costs by over a third. Read more here.