Bensons for Beds has made a return to profitability after bedding in its transformation strategy.
The bed and mattress retailer posted 7% like-for-like sales growth for the year ending September 30, 2023, following steady quarterly growth.
Bensons said the performance was on the back of a successful transformation strategy, which brought it back to profitability in spite of unfavourable weather and low consumer confidence impacting footfall to its stores.
Online sales increased 22% year on year, which it said was driven by investment in its digital operations and leadership team.
The retailer has seen several leadership changes within the period, including the appointment of a new chief retail officer in Paul Owen. This is in addition to a new head of central operations, HR leadership team, head of internal communications and five new regional managers.
Bensons also said its purchase of eveSleep from administration in 2022 has started delivering a “solid return on investment” since relaunching it online.
Across the year, Bensons opened four new stores. Peterborough and Speke mark two market re-entries, while Edinburgh Craigleith and Edrington are new catchments.
Nick Collard, CEO for Bensons for Beds, said: “The last 12 months have been tough for the retail sector as the cost of living continues to hit consumer spending hard.
“We planned for this and, alongside last year’s acquisition of eveSleep, it has put us in a strong position to offer a breadth of quality sleep solutions at affordable prices, delivering an even more profitable business through consistent and steady growth.”
He continued: “Going into next year, we are conscious that the market will remain challenging, particularly for big-ticket items, but as a business, we have confidence that what we’re doing is delivering positive results.
“Bensons is a great brand and we have a massive opportunity to transform it into the ultimate sleep solution specialist that caters to today’s and tomorrow’s consumer.
“In 2024, we will continue to focus on the areas that are in our control: building our reputation for delivering great value through excellent customer experience and stylish, quality products at affordable prices, matched to all types of sleepers.”
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