British bedroom retailer,Bensons for Beds, has defied the odds by returning to profitability despite facing headwinds from a lacklustre market and subdued consumer sentiment. In the 53-week period ending on September 30, Bensons for Beds reported an EBITDA profit of £1.5 million, a remarkable turnaround from the £15.4 million loss incurred in 2022.
This resurgence in profitability was fuelled by a notable 7.5% increase in sales, reaching £257.5 million. The surge in revenue can be attributed to the company's relentless commitment to enhancing its product offerings and elevating the overall customer experience. A part of Bensons' success story is due to its digital platform, which witnessed a remarkable 22% surge in like-for-like sales.
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In a testament to its commitment to expansion and innovation, Bensons for Beds opened 14 new stores during the previous year. This strategic move included a return to familiar locations such as Peterborough and Speke in Merseyside, along with venturing into new catchments such as Edinburgh Craigleith and Edrington. Additionally, the acquisition of Eve Sleep has proven to be a significant growth driver, contributing positively to the company's EBITDA since its inception.
Despite the ongoing challenges posed by the cost-of-living crisis, Bensons for Beds remains resolute in its performance trajectory. CEO Nick Collard expressed confidence in the company's resilience, affirming that, five months into the new financial year, Bensons continues to make steady progress aligned with expectations.
Looking ahead, Bensons for Beds remains steadfast in its focus on controllable factors such as store expansion, investment in employee training, product innovation, and digital advancement. By prioritising these strategic pillars, the company aims to navigate the evolving market dynamics and sustain its growth momentum in the face of adversity.
Source: www.retailgazette.co.uk