Mattress brand grows sales towards £30m

Mattress brand Nectar Sleep has reported a growth in turnover as sales climbed towards £30m.

According to its latest filed accounts for the year ended 31 December 2021, total sales rose 20.2% to £27.3m from £22.7m in 2020.

Gross profit increased from £10.1m to £12m, while pre-tax losses narrowed from a loss of £0.9m to £0.8m year-on-year.

Stated within its report, the company said that sales growth was driven by online demand due to Covid-19 retail store restrictions, and reflects further investment in the group’s online platform and product offer.

Nectar said that gross margin decreased to 44% from 44.8%, which was due to the increase of material and freight costs, as well as sales discounting in a highly competitive market segment.

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