Furniture retailer Loaf has reported a slight decline in sales although revenues remained over £90m.
According to its latest filed accounts for the year ended 31 March 2023, total sales fell 2% to £92.2m from £93.9m in 2022. This was on the back of sales growth of 52% from £61.7m in 2021.
Pre-tax profit resulted at £11.3m, down from £12.7m recorded the previous year.
Stated within its report, the company said that despite the slight decline it was “very pleased” with the results and that it had “continued to outperform the UK furniture market”.
Loaf’s latest showroom, situated at Straiton Retail Park in Edinburgh, is currently trading “ahead of expectations”, while adding that it will open its 10th store at Redbrick Mill, near Leeds, in October 2023. This will be Loaf’s largest store format, which is being developed in a new concept design to house its growing range of products.
“Underlying profitability remained strong at 14% of turnover, which reflects the company’s continued investment in the brand and technology,” Loaf added.
“Since the end of the financial year, sales have remained steady but down on the prior year as the retail market remains challenging with consumers being cautious over discretionary spending. However, sales continue to be substantially up on the pre-Covid trading period and outperforming the UK furniture market overall.”