Sales at a popular sofa chain have increased after it opened new stores across the UK.
Sofology, which has a store on New Mersey Retail Park in Speke, achieved a revenue of £114.9m for the six months to December 26, 2021, up from the £112.6m it posted for the same period in 2020. The DFS owned chain said its gross profits slipped from £59.6m to £55.8m after an increase in selling and distribution costs, reports Business Live.
Over the same six months, group revenue fell from £572.6m to £561.1m while its EBITDA (earnings before interest, taxes, depreciation, and amortization) was cut from £134.6m to £80.1m. Group pre-tax profits were also slashed from £72.1m to £21.6m.
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On its Sofology brand, a DFS statement issued to the London Stock Exchange said: "We will continue to develop our strong product roadmap and roll out more showrooms, as well as integrating and leveraging existing group platforms.
"We intend to continue the accelerated rollout of the Sofology showroom estate.
"Sofology now operates 54 showrooms, following the opening of six new showrooms in the first half in Glasgow, Orpington, Poole, Ipswich, New Malden and Birmingham.
"We also have plans to open one further new showroom in Bristol before the end of the financial year.
"The new showrooms are powered entirely by renewable electricity and we are investing in latest retail technologies to manage our energy consumption, reduce unnecessary waste and lessen the showroom's impact on the environment.
"We continue to see the opportunity to grow the Sofology brand by in the region of four showrooms per year (each delivering c.£4m of annual revenue) to c.70 showrooms by FY26, therefore giving total annual revenues of c.£300m."
Sofology was founded in Clayton-le-Moors, Lancashire, in 1974 and is now headquartered in Golborne.
