Sales continue to grow at luxury furniture retailer

Four-store luxury furniture retail and wholesale business Andrew Martin has reported a growth in sales and profit.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 16.5% to £21.8m from £18.7m in 2021, adding to its growth of 38.5% from £13.5m in 2020.

Pre-tax profit resulted at £609,000, up from £164,000 recorded the previous year.

UK sales rose 17.6% to £18.7m from £15.9m, while US revenues increased 20.6% to £700,000 from £580,000. Sales in the EU remained flat at £1.3m, while sales across the rest of the world rose 15% to £1m from £864,000.

Within its divisions, furniture sales increased 21% to £18.4m from £15.2m, with fabric sales showing a small decline of 2.9% from £3.4m to £3.3m.

Stated within its report, the company said that its turnaround strategy continues to prioritise revenue growth and profitability, which has also seen a significant cost and operation review continues to prove successful at reducing costs.

“Despite an initial downturn during the first Covid lockdown, when showrooms were closed, revenue has significantly increased as demand for furniture in the UK grows. For 2023, we expect revenue to increase and for the company to continue its profitability,” the business added.

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