Loaf saw sales jump by more than a fifth during lockdown as pre-tax profits leapt

Furniture and beds retailer Loaf saw sales and profits leap during lockdown.

Sales rose by 21% to £62m in the year to 31 March, with orders rising 60% to £81m.

Pre-tax profits leapt from £3.3m to £7.2m.

‘Since the end of the financial year, sales have remained strong and been further bolstered by the re-opening of all stores on 12 April 2021. Trading held up well even after the further relaxing of Government restrictions when consumers typically shifted spending towards hospitality businesses. The directors attribute much of this customer demand to the decision to the continuous investment in the brand and maintain its marketing strategy throughout the uncertainty of the national lockdown periods. In addition, the enormous contributions of all staff enabled the company to deliver a great result despite facing operational headwinds,’ it says.

‘The above phenomenal achievements are the result of the exceptional contributions of the Company’s staff over the past year. The team remained resilient during periods of deep uncertainty and swiftly reacted to the constantly changing landscape to capitalise on commercial opportunities. The directors would like to thank everyone in the company for helping achieve these results.

LoafStA

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