Bensons for Beds has reported a slight 0.4% dip in sales to £256.3m for the year ending 28 September 2024, down from £257.4m in 2023. Despite the modest decline, the national beds and mattresses retailer described the year as "very challenging", citing a tough market environment and internal operational issues.
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Pre-tax losses widened to £23.1m from £21.5m the previous year, while adjusted EBITDA stood at a loss of £0.9m. The company noted progress following a strategic reset and the appointment of a new leadership team, with improvements seen in key performance indicators such as sales conversion rates and average transaction values. The company added that its pre-tax losses included non-cash, non-trading items of £8.8m of interest, £5.6m of depreciation and IFRS charges of £4.4m.
The retailer stated that despite subdued consumer demand and persistently low footfall, operational performance and customer service had improved, adding that it is "well positioned" to continue this progress into FY25.
Bensons' manufacturing division also saw declines, with revenue falling 6.1% to £41.3m and pre-tax profit down to £1.1m from £1.6m. However, manufacturing demand remained strong, with the division navigating supply chain delays and cost pressures while maintaining product quality.
The group emphasised that it remains focused on controllable factors as it continues its turnaround strategy amid ongoing economic uncertainty.
Source: www.bigfurnituregroup.com