Feather & Black cuts losses but Wade debt grows
Bedroom retailer Feather & Black has slashed losses and delivered a double-digit sales increase, its latest account reveal.
Operating losses were slashed from £1.35m to £343,000 as pre-tax losses fell from £1.423m to £508,000 in the year to 30 September 2012.
The reduction came after sales rose by 11.7% to £22.63m. Like for like sales also rose.
'The company generated growth in both like for like and total sales and continued to invest in infrastructure to support sales growth during the year and beyond. Although the company reported a loss for the year, it was significantly better than the previous year's result and was achieved through sales growth and tight cost control. The company continues to operate in a difficult retail environment although the directors expect a recovery and profits to be made in the medium term,' says the chain's accounts.
Cash rose from £576,000 to £1.361m and the value of stock was reduced from £5.746m to £5.239m.
The accounts also show that the amount owed to Wade Group, its ultimate parent, rose by £660,000 to £11.425m. Wade Group has no intention of seeking the debts to be repaid in less than a year and any other creditors would be paid the group,' the documents say. The amount owed to trade creditors during on year fell from £1.519m to £1.324m.