ADVERTISEMENT
Department Stores

And So To Bed returns to profit in FY20

However, the group saw its revenue for the 12 months to 31 December 2020 decline 12.8% year-on-year.

And So To Bed, a luxury bedroom furniture retailer, returned to a £330,000 profit for FY20, recovering from a £108,000 loss in FY19.

It comes despite the group revealing revenue for the 12 months to 31 December 2020 declined 12.8% year-on-year.

However, a reduction in administrative expenses of over £1m and a £600,000 cut in cost of sales resulted in a return to the green for FY20.

The beds and furniture retailer saw its 14 showrooms and four franchise outlets continuously closed due to the ongoing pandemic, but continued trading through its “strong online transactional website”.

And So To Bed also increased its cash availability from £846,000 to £2.2m throughout the period.

Looking ahead, the group said it expects a “return to growth” upon the easing of restrictions in mid-2021, as the retailer benefits from “pent-up demand and diverted expenditure away from leisure and travel”.

It added: “The company has considerable financial resources and no financial debt. 

“As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook and result for the year.”

Back to top button