One of the U.K.'s largest online furniture retailers, reported its first-ever net loss of £1.04 million for the year ending July 31, 2023, despite a significant increase in sales. The reported loss by the retailer FurnitureBox came as a result of an 8.8 percentage point decline in gross margin to just under 24%, which reduced gross profit despite a £5.3 million rise in sales.
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The loss, revealed in recently filed accounts, is the company's first since its founding in 2015, following a profit of £1.8 million the previous year. The 2022/23 period marked the retailer's first full year operating from its new multi-million-pound Chippenham distribution centre, contributing to higher overhead costs. Despite this setback, FurnitureBox is optimistic about a return to profitability in 2023/24.
Source: www.thefurnishingreport.com