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Oak Furnitureland has revealed its revenues increased 10% to £275.3m in the financial year ended 30 June 2022.
The furniture retailer’s gross margins also increased to 54.2% in 2022 compared with 51.7% in the previous year.
In addition, operating profit reached £7.1m compared with £5.4m in the previous year. However, cash equivalents in 2022 reached just £6.7m compared to £31.2m in the same period last year.
The group attributed its positive results to underlying demand, which held up while the undelivered order book unwound closer to normal levels.
In this financial year, the retailer also invested in its brand and in broadening its product proposition through new and existing categories to offer a ‘whole-home’ offer to customers.
According to the company, it expects the consumer environment to continue to be challenging in the year ahead.
However, it will still focus on enhancing its product offer, investing in the store base and digital innovation to “further enhance the shopping experience for customers and drive future business growth”.
