// 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.

READ MORE: Loaf appoints Neil Barley as new chief operating officer

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.

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