Furniture, homeware, fashion and garden retailer Downtown, formerly Oldrids, has reported a growth in sales and a return to profit.
According to its latest filed accounts for the year ended 29 January 2022, total sales rose 31.9% to £26m from £19.7m in 2021.
Gross profit increased from £7.4m to £10.1m, while pre-tax profit resulted at £689,000, significantly improving from its loss of £2.6m recorded the previous year.
Stated within its report, the company, which operates from two stores in Grantham and Boston as well as a garden centre, said that despite challenges and disruption to trade, it delivered a profit and maintains a strong cash position.
Furthermore, the business continued to see strong growth within its online operations as sales increasing over 50% from last year and over 200% against a two year period. Downtown said it will continue to invest in the channel to boost functionality and improve navigation.
“The order book remains strong and ahead of last year and this pipeline will be delivered out to customers over the coming months,” Downtown added.
During the period, the company closed its Oldrids Scunthorpe store in January 2022 as part of its ongoing restructuring and right-sizing business strategy, deciding not to renew the lease at the location.