Turnover jumps 20 per cent
Furniture retailer Dreams is to advance north after it produced a strong trading performance last year and broke through the£100 million sales barrier.

Retail Week has learnt that the bed specialist's turnover jumped 20 per cent to£107.6 million for the year ending December 24 last year. Profit before tax increased by almost 40 per cent to more than£5 million.

Dreams founder and chief executive Mike Clare said that despite the performance he expected more from the business. 'This has been a tough year for furniture players and our sales were a lot less than we wanted. We cut costs to outperform our competitors,' he said.

The retailer aims to expand its 118-strong chain organically as well as consider acquisitions.

'There are now opportunities as our competitors are struggling,' Clare said.

Dreams will push beyond its core South-to-Midlands territory next year in a bid to become a national chain.

The retailer is due to file its accounts at Companies House this week. Clare said that like-for-like sales are running about 4 per cent up in its current financial year. The accounts will show Dreams spent£12 million on advertising last year.

Clare said the ads do not indicate he is selling the business. He said: 'I love Dreams too much, I enjoy it and am passionate to expand.'