Four-store independent furniture retailer Fairway Furniture has reported another year of strong sales with revenues approaching £10m.

According to its latest filed accounts for the year ended 31 January 2025, total sales remained consistent at £9.1m, the same figure achieved in 2024.

Pre-tax losses resulted at £0.9m, down from its profit of £0.3m recorded the previous year.

Commenting on the results, Peter Harding, Managing Director, said: “Turnover increased by 0.40% from £9.117m to £9.154m, reflecting a stronger year of new business sales, the full benefit of which will not be felt until into the following financial year. Cost of goods rose 2.52%, fueled by continued price pressures on key suppliers and a degree of volatility in shipping costs. Gross margins as a result fell 1.13% from 46.42% to 45.29%.

“With inflation easing through the year, direct overhead costs rose more modestly than in the previous year, up 4.43%. Staff costs increased by 9.2% resulting from salary increases to help staff meet surging living costs and a small rise in headcount to increase operational sales capacity. Through careful management and regular review, most other costs were contained to within budgeted levels.

“Overall trading profitability was negatively impacted to a significant degree by some exceptional items. The most notable was an extensive refurbishment of the company’s flagship store in Plymouth. This has in the main been charged to this financial year and was paid from cash reserves. The other area was staff costs, where strategic changes were made that incurred significant costs.”

Looking ahead, Peter added: “Like-for-like sales in Q1 2025 were up on 2024, though trading conditions remained changeable, with consumer’s continuing to be cautious.”