Independent retailer grows sales to £10m; continues eco investment

Five-store independent furniture retailer Fairway Furniture has reported a growth in sales as turnover climbed to almost £10m.

According to its latest filed accounts for the year ended 31 January 2023, total sales rose 12.14% to £9.9m from £8.8m in 2022 – adding to its prior growth of 22.68% from £7.2m in 2021.

Pre-tax profit resulted at £0.7m, slightly down from £0.9m recorded the previous year.

Stated within its report, the company said that strong trading through the latter part of 2022 drove top line growth, while cost of goods remained in line with turnover with a modest margin improvement of 1.36% being achieved to 46%.

“In an effort to control costs, the company invested significantly in renewable technology during the year, completing the final stage rollout of solar power plants on all showroom buildings, contributing over 45% of the annual company electricity requirement,” Fairway said.

“Transitioning the company’s vehicle fleet, where practical, to zero emission on EVs continued, as part of the target for the company to reach net zero by 2030.”

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