A leading name in premium interiors has reported another fall in profitability, reflecting persistent challenges in the retail environment. The company has experienced a second consecutive year of reduced earnings despite stable operational activity.
© Heal's
Heal's, the independent high-end furniture retailer, saw pre-tax profit fall to £71,000 for the year ended 14 September 2024, down from £500,000 the previous year. EBITDA also declined significantly to £801,000 from £2m, as reported in its latest accounts. The business had already disclosed a 6.9% drop in annual sales to £34.8m through its parent, Wittington Investments.
The financial period saw the closure of its store in Fenwick, Canterbury, with no further changes made to its retail footprint. A new outlet store has since been opened in Bicester, Oxfordshire.
In its report, Heal's noted that Directors remain "satisfied with this performance" given the broader market difficulties. Looking ahead, the business plans to focus on brand building and expansion into strategic locations.
Key priorities include attracting new customers, improving repeat purchase rates, and enhancing supply chain efficiency—particularly around returned stock. The company remains committed to its hallmark values of "design, quality, and craftsmanship," and aims to deliver exceptional customer service amid a challenging retail backdrop.
Source: www.bigfurnituregroup.com