Sharps sales rise as store presence reduces
Bedroom furniture specialist Sharps increased advertising spend and new showroom openings helped boost sales and profits at Sharps last year, despite a net downsizing of its store network. It also refinanced its loan facility.
The latest accounts show total sales rose by 6% to £75.6m, while pre-tax profit grew by 27% to £2.8m year-on-year for the period from 29 September 2014 to 27 September 2015.
Although Sharps opened 10 new showrooms, it closed 17, leaving a total of 113. Reduced from 120 last year. The closures were a combination of concessions and leased outlets that were seen as ‘lower performing’ stores.
Sharps also took the decision to refinance its loan agreement with Proventus Capital Management AB, with its original £15m loan facility repaid and replaced by a £19m loan facility to both the company and its parent, Sharps Bilston Limited.
The new loan is split £4.7m and £14.3m respectively in accordance with the revised facility agreement.