Hardwood furniture retailer Oak Furnitureland has reported a growth in sales and a return to profit.
According to its latest filed accounts for the year ended 30 June 2022, total sales rose 10% to £275.2m from £251m in 2021.
Gross profit increased from £129.8m to £149.1m, while pre-tax profit resulted at £484,000, significantly improving from a loss of £22.9m recorded the previous year.
Stated within its report, the company said gross margin increased to 54.2% from £51.7%, while the results were impacted by disruption in supply chain, inflation in raw materials and shipping costs, staff shortages and local lockdowns affecting manufacturing in Asia. To mitigate the impact, the business focused on driving operational efficiencies and cost controls.
However, despite the industry-wide disruption, Oak Furnitureland said that “underlying demand held up” and the “undelivered order book unwound closer to normal levels”, resulting in strong sales growth.
“The group invested in its brand and in broadening the product proposition, through both new and existing categories, to support the ongoing development of a ‘whole-home’ offer”, the retailer added.