Ongoing challenges impact furniture retailer

Furniture and home goods retailer Teamson UK has reported a decline in turnover as losses widened.

According to its latest filed accounts for the year ended 31 December 2022, total sales fell 23.2% to £5.6m from £7.3m in 2021.

Pre-tax losses resulted at £2.1m, widening from a loss of £915,000 recorded in the previous year.

UK sales were down 17.6% to £4.2m from £5.1m, while rest of the world revenues slipped 33% to £1.4m from £2.1m.

Stated within its report, Teamson said: “The company continues to be affected by significant challenges including but not limited to; – downward trend in consumer spending; – escalating import costs and weakened currency; – price inflation; – increased labour charges.

“These challenges as well as the cost-of-living crisis and the Ukraine conflict have impacted the business in 2022 and into 2023.

“During 2023 there has been an enhanced focus and strategy as the company has continued to extend its reach into the full EMEA region, where the company has enjoyed good growth in the Netherlands, Poland and other Eastern European countries.

“In recent months we launched partnerships with over 40 new sales channels, mostly tier 1 business partners who are established and well-respected online retailers in their regions and categories.

“These new partnerships will significantly reduce our reliance on the UK market and also on specific retailers. For 2024 we fully expect to realise the benefits of this strategy by way of increased revenue and improved margin.”

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