Furniturebox returns to profit as FY sales rise 20% to £25m
News comes after the retailer sustained a £1.03m loss in the previous year due to a £3m investment in its new warehouse headquarters
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Furniturebox has reported a profit of £612,288 for the year ended 31 July 2024, as sales in the period rose by 20.6% to £25.6m.
News comes after the retailer sustained a £1.03m loss in the previous year due to a £3m investment in its new warehouse headquarters.
Turnover in the US almost tripled to £6m, as Furniturebox launched more than 100 products and expanded through Amazon US. European sales outside the UK also doubled during the period.
Monty George, co-founder and MD of Furniturebox, said: “We are delighted to have returned to profit with a big jump in sales in what has been a really tough market for everyone in the interiors market.
“Our first loss the previous year was due to the major investment in our new warehouse headquarters which has brought huge efficiency savings and allows us to deliver more quickly than our competitors.”
He added: “This was part of a long-term strategy which is really paying dividends with a strong new management team in place, all committed to sustainable growth here and in the US and throughout the rest of Europe.”
In a strategic report accompanying the results, Furniturebox also confirmed that its ‘core growth strategy’ remains on track. The group expressed confidence in its “accelerated momentum” in the current financial year, despite “mixed signals in the market”.
