Sharps sees sales grow towards £130m; store estate reduces again

Fitted bedroom and home office furniture retailer and manufacturer, Sharps, has reported a growth in sales as turnover climbed towards £130m.

According to its latest filed accounts for the year ended 2 October 2022, total sales rose 12.9% to £126.9m from £112.4m in 2021. Pre-tax profit resulted at £17.1m compared to its profit of £24.2m the previous year.

Stated within its report, Sharps said: “Turnover in the year increased by £14.4m as a result of underlying volume growth and inflationary price increases.

“The increase in turnover was offset by a significant increase in marketing costs as the business returns to more normal activity levels post Covid coupled with the unprecedented input price increases seen as result of inflationary pressures within the UK market meant that underlying EDITDA reduced £3.2m, a 10.4% decrease on the prior year.”

During the period, Sharps reduced its showrooms by 21, resulting in a year-end number of 41 locations, adding to the 15 showrooms closed the prior year.

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