// Loaf turnover reaches £48m for the year to the end of March
// Pre-tax profits were flat at £2.6 million
// Loaf admitted that it faces new rivals entering the market, but remains confident
Loaf has recorded a sales rise thanks to a string of one-off costs such as growth strategy advice, opening a new head office and merging two warehouses, but has warned that Brexit could dent sales as shoppers put spending on hold.
The furniture retailer reported a £6.7 million rise in turnover to £48 million for the year to the end of March.
Pre-tax profits were flat at £2.6 million as it chose to invest in growth and opened more showrooms, Companies House accounts showed.
Last year, Loaf opened new sites in Wilmslow, Solihull, Bristol and St Albans, which took its total UK store-estate to eight.
The retailer also admitted that it faces new rivals entering the market, but remains confident.
Meanwhile, rival furniture retailer DFS recorded a “good trading performance” thanks to the progress made since the launch of its new strategy.
In the pro-forma 52 weeks to June 30, underlying profit before tax increased by 31.1 per cent to £50.2 million, compared with the 52 week period to July 28 2018.
However, profit before tax in the 48 weeks to June 30 decreased year-on-year by 13.1 per cent to £22.4 million.