National beds and mattresses retailer Bensons for Beds has reported a slight decline in sales as revenues remained strong at over £250m.
According to its latest filed accounts for the year ended 28 September 2024, total sales fell 0.4% to £256.3m from £257.4m in 2023.
Adjusted EBITDA recorded a loss of £0.9m (2023: £1.6m profit). Pre-tax losses amounted to £23.1m, widening from a loss of £21.5m year-on-year. Bensons added that its pre-tax losses included non-cash, non-trading items of £8.8m of interest, £5.6m of depreciation and IFRS charges of £4.4m.
Stated within its report, the company said: “The Group had experienced a very challenging period, with both a tough external market environment and a series of internal operational challenges impacting our results. 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.
“FY24 saw the continued progress of the Group in response to those actions, despite significant market headwinds and inflationary pressures. The Group is well positioned to continue progressing in FY25.
“The external environment has continued to be challenging. Although it has been a more stable period in terms of key macro-economic indicators, inflation remained high in the early part of the period and consumer demand remained subdued throughout. The clearest evidence of this was that footfall into stores has continued to be consistently down year over year, compounding similar decreases in the prior period.
“In the previous period’s report, we highlighted the importance of focussing on controllable KPIs when in a difficult market, and this has continued to be the major focus of the business throughout the current period.
“Sales conversion rates and average transaction values have grown to new highs while sustaining strong customer services levels and improved operational performance throughout the period, a great testament to the hard work delivered by colleagues across the whole business.
“The ultimate measure of success is, of course, in financial performance. Although profit levels have been impacted slightly by a shorter 52-week reporting period compared to 53 weeks in the prior period, revenues and other key financial indicators showed continued positive development, representing a pleasing result in a challenging market.”
Meanwhile, the manufacturing division of Bensons for Beds has reported a decline in sales and profit.
According to its latest filed accounts for the same period, total sales fell 6.1% to £41.3m from £44m in 2023.
Pre-tax profit resulted at £1.1m, down from £1.6m recorded the previous year.
Stated within the report, Bensons added: “Manufacturing activity has been robust during the period as we have experienced high demand for our manufacturing products. The Company continues to navigate its way through supply chain delays on raw materials and cost price increases whilst offering value and high quality craftsmanship on its products.”
