Sofa retailer grows profit beyond £10m as store rollout continues

Sofa retailer Sofology, part of the DFS Group, has reported a slight reduction in sales as revenues remained close to £300m.

According to latest filed accounts to 25 June 2023, Sofology sales fell 2.2% to £298.1m from £304.9m in 2022.

Pre-tax profit resulted at £10.2m, up from £7m recorded in the previous year.

Stated within its report, the company said: “We have made progress this year in increasing the number of geographical locations of stores. Three additional stores opened in FY23 in Hedge End, Inverness and Rebrick Mill, to give a total of 58 stores at the year end.

“The new showrooms are performing well and management are satisfied with the return on investment to date from these new stores. We continue to see the opportunity to grow the Sofology brand to 65-70 stores in the medium-term.

“The company’s new leadership team has also refined and developed a new three-year growth plan called ‘Drive to 25’ that has been approved by the Board and launched internally and which builds on the recent progress on performance and customer satisfaction. The ambition is for Sofology to become the UK’s number two sofa retailer, behind DFS.”

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