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

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By Reuters
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   -  

<div> <p> reported wider half-yearly losses as the British online furniture retailer struggled with higher costs and heavy discounting. </p> <p>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.</p> <p>“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.</p> <p>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. </p> <p>“The Group has faced a significant reduction in demand which has been difficult for the business and its stakeholders,” Thompson said.</p> <p>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.</p> </div>