Online marketplace Notonthehighstreet has reported an 11% decline in sales to £25.8 million for the year ending 31 March 2024, down from £29 million in 2023. Total transaction value, representing gross sales including VAT on its platform, decreased by 12% to £120.7 million.
© notonthehighstreet
Despite the sales drop, pre-tax losses narrowed significantly to £5.4 million, compared to a £10.2 million loss the previous year. The company attributes continued challenges to reduced consumer confidence caused by global conflicts, the cost-of-living crisis, and pressure on household incomes.
In response to these market pressures, Notonthehighstreet implemented a restructuring programme in the final quarter of the financial year aimed at reducing operating costs.
The company's directors remain "committed to the long-term strategy focused on driving revenue and returning to profitability" and have maintained investment in marketing and technology throughout the period.
This financial update reflects ongoing challenges for furniture and homeware online retailers in the current economic climate, highlighting the sector's struggle to balance growth ambitions with cost management.
Source: www.bigfurnituregroup.com
