Sales rocket for multichannel furniture retailer; Profits rise too

15th October 2009 | retail | Cross channel furniture retailer Dwell has proved the recession isn't damaging all parts of the furniture industry after sales climbed more than 50% to the end of January.

The retailer, which sells via stores, mail order and online, chalked up £24.7m sales on the back of new stores in Richmond, Trafford, Nottingham, Bristol, Milton Keynes and London, and increased pre-tax profits to £337,562 despite the cost of its store opening programme.

Dwell bosses admit the recessionary climate means it will put further store expansion on hold, instead preferring to open concessions within department stores including Selfridges and House of Fraser.

EBITDA (earnings before interest, taxes, depreciation and amortization) climbed from £0.7m to £1.3m.