Sales fall at online furniture retailer

On-line furnishings retailer Furnishings and Selection has reported a decline in gross sales.

In accordance with its newest filed accounts for the 12 months ended 31 March 2024, complete gross sales fell 26.5% to £20.7m from £28.2m in 2023.

Pre-tax losses resulted at £1.2m, down from its revenue of £141,000 recorded the earlier 12 months.

Acknowledged inside its report, the corporate mentioned: “The discount in turnover is because of the discount in on-line shopper spending on furnishings following the surge skilled throughout the earlier phases of the COVID-19 pandemic. The battle in Ukraine in addition to the battle in Israel and the price of residing disaster additional lowered shopper demand as we entered into 2024.

“Gross revenue has lowered to £3.4m (2023: £4.9m) and gross revenue as a share of gross sales has lowered to 16.35% (2023: 17.30%). Freight and distribution prices have lowered consistent with gross sales throughout the 12 months, nevertheless, there was a rise in direct promoting prices which has resulted on this discount of gross revenue margin.

“The corporate maintains sturdy capital and reserves and has lowered its overheads, specifically after the 12 months finish. The corporate has additionally carried out environment friendly inventory administration insurance policies and continues to put money into know-how and advertising and marketing to make sure that monetary outcomes enhance wanting forward.”