Beds retailer Mattress Online has reported a decline in sales although performance is in line with its five-year plan.
According to its latest filed accounts for the year ended 31 May 2022, total sales fell 23% to £28.7m from £37.4m in 2021. Pre-tax profit resulted at £1.4m, down from £3.3m recorded in the previous year.
Stated within its report, the company said that despite the year-on-year sales fall, revenues had increased by 104.3% over the last five years when sales stood at £14.1m in 2018, with gross margin remaining strong at 46.5%.
During the year, Mattress Online launched a new e-commerce website, which has delivered a “sustained increase in conversion rates and average transaction value”. Furthermore, the business expanded its workforce by 28% and reached 55,000+ Trustpilot reviews with a sustained 4.8/5 Excellent rating.
Commenting on the results, Steve Adams, CEO, said: “Our financial year to 31st May 2022 delivered satisfactory results in an anticipated change to consumer spending behaviour as the UK retail market settles into a post-lockdown world. Our growth aligns with our five-year business plan and our gross margin remains consistent despite inflationary pressures.
“Trading this financial year meets with our budgets and forecast, in what is a difficult macro-economic environment. We are taking time this year to consolidate our growth, invest in our back office, and expand on our ESG strategy whilst continuing to invest in growing the Mattress Online team and our retail footprint.”