Beds specialist Dreams reported a surge in underlying profits during the pandemic as online sales picked up the slack from closed stores.
Profit before tax rose in the 52 weeks to December 24, 2020, to £46.9m from £35.3m in 2019. Underlying pre-exceptional EBITDA soared to £57.1m from £47.8m the year prior.
Online sales increased by 66% in the same period compared to 2019 figures, with the retailer completing the acquisition of Feather & Black’s online operations last year.
Overall revenues for the retailer dipped from £333m to £319m in 2020 as stores remained closed for 16 weeks of the year.
Dreams also opened six new stores over the year, refurbished four stores and relocated four more during the period. Overall, the company completed 544,500 deliveries across the year.
The retailer also said its estimated £340m sale to Tempur Sealy was completed on August 2, having first been announced in May.
Chief executive Mike Logue said: “These robust results are testament to the strength of our brand and of course, the dedication, commitment and resilience of our people.
“In what has been the most challenging period for retailers in history, in which our stores were shut for 16 weeks, Dreams has continued our mission to provide better sleep for all, by continuing to focus on customer satisfaction, offering quality products, more choice, great service, and fast delivery.
“Since reopening stores in April 2021, we have seen sustained like-for-like growth across all major categories, which leaves us confident for the future. The recent acquisition of our business by Tempur Sealy demonstrates the transformation we have delivered over the last eight years. With them, we now look forward to driving our growth and building on our leading position in the market.”
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