Furniture Village’s full-year sales and profits declined, but the retailer has outperformed in recent weeks in one of the toughest trading environments.
Managing director Peter Harrison said: “The market is the hardest we’ve known it, but our profitability is rock solid. We’re in our strongest position ever on cash and we’re 13 per cent ahead of budgets this year.”
In the six weeks to May 10, like-for-likes climbed 2.4 per cent, adjusted for Easter.
The 36-store retailer said operating profits dropped from last year’s record £7.3m to £2.7m in its unaudited accounts for the year to March 29. This year’s figure includes more than £1m in one-off costs, including a staff loyalty bonus scheme. Like-for-likes slumped 15 per cent while total sales declined 10.2 per cent to £178.5m, but margins improved.