Polish company Forte, reportedly one of the largest European manufacturers of RTA furniture, has published the financial results of the corporate group for the past fiscal year (March 31). Consolidated sales amounted to PLN 1.031 billion (EUR 238.6 million). This corresponds to a decrease of 17% compared to the previous year.
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According to the company, the past fiscal year 2023/2024 (April 1, 2023, to March 31, 2024) reflects the challenging situation of the entire European furniture industry, which is significantly influenced by the current consumer restraint due to the economic structural change and uncertainties caused by high inflation as well as events in the Middle East and Ukraine. 'Based on the last quarterly figures, the economic situation of the European furniture industry, and the economic situation in Germany, one of our most important markets, we expected this year's result,' commented Maria Florczuk, CEO of the Forte Group.
To mitigate the continuously weakening demand for furniture across Europe, Forte has implemented extensive restructuring of the company in recent months. Efficiency of production has been increased through optimisation of material usage, and energy costs have been reduced by lowering consumption and utilizing photovoltaic systems. Additionally, all logistics processes and inventories of packaging, wood, and particle boards have been reorganized and streamlined.
The effectiveness of these measures taken is already evident in sales in the German market. In terms of total furniture sales in Germany, Forte was able to maintain a good level, despite the overall significant weakening and crisis in the German furniture market.
Source: www.moebelmarkt.de