Half year sales rise at Sofology
Sales at DFS-owned Sofology rose during the first half of its financial year after it opened six new stores across the UK.
The company achieved a revenue of £114.9m for the six months to December 26, 2021, up from the £112.6m it posted for the same period in 2020.
However, its gross profits slipped from £59.6m to £55.8m after an increase in selling and distribution costs.
Over the same six months, group revenue fell from £572.6m to £561.1m while its EBITDA was cut from £134.6m to £80.1m.
Group pre-tax profits were also slashed from £72.1m to £21.6m.
On its Sofology brand, a DFS statement issued to the London Stock Exchange said: “We will continue to develop our strong product roadmap and roll out more showrooms, as well as integrating and leveraging existing group platforms.
“We intend to continue the accelerated rollout of the Sofology showroom estate.
“Sofology now operates 54 showrooms, following the opening of six new showrooms in the first half in Glasgow, Orpington, Poole, Ipswich, New Malden and Birmingham.
“We also have plans to open one further new showroom in Bristol before the end of the financial year.”
