Furniture Land profits in need of re-upholstering

Profits tumbled for Furniture Land in its latest year-end figures, as it coped with a change in ownership and a new management team. The retailer recorded a fall in turnover for the 52 weeks to March 27 last year to£64.7 million, from£70.9 million the year before.

Profit on ordinary activities fell to a loss of£3.09 million for the latest reported period, from£1.03 million for the year to March 29, 2003.

During the year, the major shareholder, Mere Holdings, sold its interest in the retailer to SB Capital. Meanwhile, a new management team was put in place, headed by former Kingdom of Leather executive chairman Peter Dickson (pictured).