Bensons for Beds has returned to profit, despite a challenging economic environment and suppressed consumer sentiment, as it continues to make progress under its transformation strategy.
The furniture retailer posted an EBITDA profit of £1.5m in the 53 weeks to 30 September, up from a £15.4m loss in 2022, as sales jumped 7.5% to £257.5m thanks to its ongoing investment into improving its product offer and customer experience.
Digital like-for-likes surged 22% due to the continued investment into its omnichannel and digital capability.
Bensons said: “There is an old retail saying to the effect that you should focus on the KPIs that you can control.
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“Faced with lacklustre market demand, the Bensons team have done just that – focusing on sales conversion and average transaction value in order to make the most of what demand there was, and on delivering a first-class customer experience both during and after sales were made and products delivered.”
The retailer opened 14 new stores last year, including returning to locations like Peterborough and Speke in Merseyside and entering new catchments including Edinburgh Craigleith and Edrington.
Its acquisition of Eve Sleep shows “strong growth and contributed positive EBITDA since its launch”, the retailer said.
Despite the ongoing cost-of-living crisis, Bensons for Beds said its performance remained on track.
CEO Nick Collard said: “Five months into the new financial year and in an external market which remains challenging, we continue to make progress, and our performance remains in line with our expectations.
“For the remaining months of the financial year we remain focused on those factors in our control; store number growth, investment in colleague training, product innovation and digital capability.”
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