Dreams’ full year profits surge
Bed retailer Dreams saw its pre-tax profit surge by 136% to £32 million in the year to 24 December as it invested in its stores, digital offering and factory.
While like-for-like sales rose by 14.1%, total sales climbed by 20% to £280 million.
Mike Logue, chief executive of Dreams, said: “2016 was a pivotal year for Dreams, building on the last three years of growth. Our significant investment, matched by the incredible efforts of our 1,850 colleagues across the UK in our factory, our 181 shops and our delivery centres have enabled us to achieve these record results.”
During the period, Dreams opened 14 new stores, including three relocations, and refurbished ten existing shops. It also improved its digital offering, which helped online sales to increase by 34%, and invested £1 million in its Dreams bed factory in Oldbury.
The company is planning to launch a new store concept and digital format later this year.
Looking ahead Logue said: “Whilst potential future challenges to the UK consumer economy are well documented, we are confident that we will continue to successfully execute our strategy and that it will be another year of significant progress for Dreams.”
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