A high-end British furniture retailer has reported a 6.9% decline in annual sales, reflecting ongoing market pressures in the premium home sector.
According to the latest financial results for the year ending 14 September 2024, revenues fell from £37.4 million to £34.8 million. Profitability also declined, with the company posting a pre-tax loss of £1.2 million for the period.
The retailer in question is Heal's, backed by Wittington Investments. Despite the drop in revenue and profit, the firm highlighted that Heal's continues to deliver a positive EBITDA, and that its "underlying performance remains sound".
The investment firm noted that the strategic focus for Heal's going forward will be on enhancing its flagship store layout on Tottenham Court Road and expanding its digital footprint. Online sales currently represent half of the retailer's total revenue.
Wittington Investments described the overall revenue dip as "marginal" and indicated confidence in the future direction of the business, citing the potential of its retail environment and digital investments.
Source: www.bigfurnituregroup.com