National bed retailer Bensons for Beds has continued its positive sales momentum over the year in a tough market, posting a full year +7% LFL sales growth for year ending 30th September 2023.
The results follow the retailer’s consistent sales progress in Q1 (7%), Q2 (9%), Q3 (8%) and Q4 (7%). The news also comes on the back of a successful transformation strategy, which has seen the business return to profitability despite unfavourable weather and reduced consumer spending affecting footfall, under the leadership of Nick Collard, who became CEO in May 2022, and his team.
During the last 12 months, Bensons has made strong progress including market share growth in its core categories, significant gains on the brand’s eCommerce channel – sales increased by +22% year on year, driven by the continued investment in omnichannel and leadership, and increased store footprint and conversion with 14 new store openings across the year. These include Bensons re-entry into markets such as Peterborough and Speke and new catchments including Edinburgh Craigleith and Edrington
Furthermore, Bensons has improved NPS scores by 15% following significant investment in its customer service and delivery experience, while also returning the eve Sleep brand to profitability in less than 12 months following its acquisition. Bensons has broadened its product range through new launches, which include Flip by Slumberland, Duo by Slumberland, eve exclusively for Bensons, Sealy Posturepedic exclusively for Bensons, Snooze bed frames and a range of new TV beds and sofa beds.
Bensons has also invested in a series of senior hires to help strengthen the leadership team including a new Chief Retail Officer, Head of Central Operations, HR leadership team, Head of Internal Communications and five new Regional Managers.
Nick Collard, CEO for Bensons for Beds said: “The last 12 months has been tough for the retail sector as the cost of living continues to hit consumer spending hard. We planned for this, and alongside last year’s acquisition of eveSleep, this has put us in a strong position to offer a breadth of quality sleep solutions at affordable prices – delivering an even more profitable business through consistent and steady growth.
“Going into next year we are conscious that the market will remain challenging, particularly for big ticket items, but as a business we have confidence that what we are doing is delivering positive results. Bensons is a great brand and we have a massive opportunity to transform it into the ultimate sleep solution specialist that caters to today’s and tomorrow’s consumer. In 2024, we will continue to focus on the areas that are in our control; building our reputation for delivering great value through excellent customer experience and stylish, quality products at affordable prices, matched to all types of sleepers.”
