// Made.com posts loss before tax of £35.3m for the six months to 30 June
// The retailer had taken “prompt action” to clear excess stock with discounts
Made.com has reported widening losses after a slowdown in demand for homeware items amid the cost-of-living crisis.
The homewares retailer posted a loss before tax of £35.3 million for the six months to 30 June, versus £10.1m a year prior.
The retailer had taken “prompt action” to clear excess stock with discounts. Stock levels had been reduced from £63 million at the end of the year to £44 million at the end of the first-half of the year.
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“The first half of the year was a challenging time for the global economy and particularly for the retail sector,” chief executive, Nicola Thompson said.
Earlier this week, Made said it would conduct a strategic review of its future options, including job cuts and possible sale of the business.
The furniture business said it would cut costs by laying off staff within the next few weeks after soaring costs hit its supply chain and inflation hampers consumer confidence.
Made said the review of worker numbers will take place “within the next few weeks” while it is not clear how many employees will be impacted by the cull.
