Furniture Village shows growth
While rivals collapsed around it, Furniture Village has shown its financial strength.
While pre-tax profits dropped by 41% – thanks to three store openings, increased marketing costs and 'a degree of challenge' in the market – it still made a profit of £2.1m in the year to 2 April 2011. Helped by the store openings, it was able to lift sales by 4.8% to £180.7m. 'The past year has been one in which we appear to have traded somewhat better than many of our competitors and yet we will not be lulled into a false sense of security,' sys the chain. The company says it has increased centralisation, cut costs, and hedged its US dollar exposure. 'There is little doubt that consumer confidence is under significant pressure at present, and that is likely to continue for some time yet,' comments Jim Hodkinson, Furniture Village chairman.