One off costs impact furniture and décor retailer

Liverpool-based home furniture and décor interior design retailer Taskers has reported a slight decline in sales as ‘one off’ costs impact profits.

According to its latest filed accounts for the year ended 28 February 2023, total sales fell 10.7% to £15m from £16.8m in 2022.

Pre-tax losses resulted at £1m, down from its profit of £386,000 recorded the previous year.

Stated within its report, the company said: “The economic climate made trading difficult with the impacts from energy price increases, rising inflation and the cost-of-living crisis hitting consumer confidence during this financial period.

“Whilst these results are disappointing, they are also attributed to very specific ‘one off’ costs: additional freight costs of circa £1m reduced our margin by 7-8% down to 39%; £86k of residual Xmas stock was written down which also impacted on margin; and currency losses of £197k were also posted in the financial period.

“Along with lower costs of goods from China, a return to ‘normal’ freight rates during the next financial year will help return our margin to between 45-50%. The stability in exchange rates should also have a significant positive impact on profit in the next financial period.

“The company’s main objective going forward is to ensure that it returns to profit and whilst the economic outlook worsened during the current financial period, we are confident that this can be achieved.”

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