West Elm owner sees UK sales decline as portfolio reduces

The UK division of home furnishings retailer Williams-Sonoma, owner of the West Elm brand, has reported a decline, which was previously warned.

According to its latest filed accounts for the year ended 29 January 2023, total sales fell 25.1% to £22.9m from £30.6m in 2021. Profit resulted at £712,000, slightly down from £894,000 recorded in the previous year.

Stated within its report, the company said that sales decreased due ceasing operations for one of its three retail stores in November 2022, while it also ended its wholesale shop-in-shop partnership with its largest retail partner during 2023.

Looking ahead, the company added that it expects retail activity to decrease once more in the forthcoming year as a result of the lease termination of one UK store during 2023.

Cost of sales decreased to 57% from 69% due to “greater savings in cost of sales compared to lost sales”, the business added.

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