Bensons for Beds has returned to an EBITDA profit, despite what it calls a continued challenging market and supressed consumer sentiment.
The Alteri Investors-backed retailer registered an EBITDA profit of over £1.5m, having posted losses of £15.4m the year befor forr the year to September 30, 2023, down from £30.2m. The results, filed on Companies House, also showed revenue jumped to £257.4m, up from £239.4m the previous year.
“The group had experienced a very challenging period, with both a tough external market and a series of internal operational challenges impacting our results,” the retailer said in a statement.
“The board had acted decisively in responding to these challenges, appointing a new management team and resetting the strategic focus areas of the business to ensure that performance turned around.
“The board is now pleased with the efforts of our colleagues across the business that have borne very significant fruit, with both operational and financial performance of the business greatly improved and on a continuing upward tick.”
Bensons for Beds added: “The external environment has continued to be challenging.
“Macroeconomic trends in the UK are widely reported and well understood – the combination of relatively very high inflation over this trading period with increasing interest rates and an unstable political environment have all combined to mean that consumer demand has been subdued.
“The most apparent measure of that has been that footfall into stores has been consistently down year over year and below our initial forecasts – there has been less demand in the market than we hoped for.”
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