UK furniture retailer posts wider half-yearly loss as costs rise

UK's Next set to buy British furniture retailer - Bloomberg News
UK's Next set to buy British furniture retailer - Bloomberg News Copyright Thomson Reuters 2022
By Reuters
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Share this articleClose Button reported wider half-yearly losses as the British online furniture retailer struggled with higher costs and heavy discounting.

British consumers have cut back on non-essential purchases such as furniture as they face a worsening cost-of-living crisis with prices of everything from food to fuel rising and putting a strain on their disposable income.

"The first half of the year was a challenging time for the global economy and particularly for the retail sector," said Chief Executive Officer Nicola Thompson.

The retailer last week started laying off staff and reviewing options including a potential sale barely over a year after going public. It said the layoffs would help reduce annual costs by 6 million pounds.

"The Group has faced a significant reduction in demand which has been difficult for the business and its stakeholders," Thompson said.

The company said loss before tax came in at 35.3 million pounds in the six months to June 30, compared with 10.1 million pounds a year earlier.

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