Oak Furnitureland losses narrow by 19% to £12.4m in FY24

Oak Furnitureland has narrowed its losses by 19% to £12.4m, down from a previous loss of £15.4m, in the year ended 30 June 2024, despite group revenues falling by 17% to £236m due to a soft market and Red Sea disruptions.

The group attributed its narrowed losses to its “diverse” product pipeline and focus on enhancing the online and showroom estate. Oak Furnitureland also made improvements such as launching a new incentive scheme, mystery shopping programme, and is undergoing a digital transformation to improve the customer experience.

In addition, the group secured additional funding of £10m and equitisation of £47.8m in June 2024, more than halving the business’ financial debt and strengthening the balance sheet. This has enabled continued investment in the business’ strategic plan.

According to the furniture retailer, it has had a strong start to FY25 with bookings in the 16-week period to 22 December rising by 9% like-for-like. Its performance also continued positively over the peak trading period from late December to January.

Oak Furnitureland maintains that the business continues to benefit from a reduced debt profile, effective cost control and operational efficiencies due to a marked improvement in trading during FY25.

Alex Fisher, CEO of Oak Furnitureland, said: “Against a challenging market backdrop, with softer volumes and higher inflation, Oak Furnitureland delivered a resilient financial performance. Throughout the year, we have made significant headway in driving operational efficiencies alongside enhancing our product proposition to serve the whole home and make our brand more accessible to even more customers.

“I’d like to take this opportunity to thank our teams for their hard work and continued dedication. None of this would be possible without their support and I am excited about what we can achieve together in the year ahead.”