Dreams enjoys profits jump
Bed chain Dreams enjoyed a double-digit increase in profits in the past year.
Pre-tax profits rose by 11.7% to £32.7m in the year to 24 December 2018.
Sales rose by 2.9% to £309m. Like for like sales growth slowed from 3.3% to 1.9%. Pre-tax margin rose from 10.1% to 11%.
The 198 store group saw net cash rose from £11.4m to £22.7m.
‘2018 was a challenging year for the UK retail market. We have remained focused on providing an excellent range of products at the right price point which, coupled with our healthy balance sheet, means that we have had the flexibility to adapt to market conditions. This approach has served us well throughout the year and has seen us continue to invest across both our online and physical store estate. As a result, we are proud to have delivered our fifth year of continued sales and profit growth,’ says Mike Logue, Dreams ceo.
‘Looking ahead, the sector continues to face difficult market conditions, which have been well publicised, but our continued growth and investment means we are in a solid position at the start of 2019.’