Seconique

Sales slip at furniture wholesaler; current trading above prior year

Furniture wholesaler Seconique has reported a decline in sales and profit as consumer confidence, lockdowns and supplier issues impacted performance.

According to its latest filed accounts for the year ended 30 June 2022, total sales fell 12.7% to £21.8m from £25m in 2021.

UK sales were down 12.2% to £21.5m from £24.5m, while EU sales fell from £485,000 to £312,000. Rest of the world sales registered £23,000.

Gross profit decreased from £7.1m to £6m, while pre-tax profit resulted at £1.1m, down from £2.3m recorded in the previous year.

Stated within its report, the company said that Covid- related lockdowns and supplier issues caused difficulties in providing several of its key product lines, while a decline in consumer confidence also impacted sales.

“The sales comparison is more realistic when comparted to 2020 (£23.9m) due to the exceptional results that were achieved in 2021 with the boom in online furniture sales during the nationwide lockdowns. The furniture market has been very competitive with consumers requiring ranges of products that are competitively priced and available immediately,” the business said.

At the time of filing the accounts, Seconique added that the company is trading above the levels of the prior year with stock availability helping to support current trading. However, “forecasting with any certainty is challenging but the introduction of further new products and stock will assist in maintaining market position”.

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