Hertfordshire independent reports 13.4% turnover fall to £20.1m; Watford store sale nets £930k

27th August 2009 | independents | Operating profits at Hertfordshire furniture retailer Fishpools dropped 24.8% to £904,000 in the year to 30 January as turnover fell 13.4% to £20.1m.

Pre-tax profits, however, climbed almost 40% to £2.06m as the firm sold its Market Street Watford satellite store, netting the firm almost £1m.

The retailer, one of the largest independents in the south of England, employing some 200 people, is a major stockist of brands including Ercol, Duresta, Stressless and Collins & Hayes, and operates from a mammoth 62,000sq ft store in Waltham Cross.

The firm put the falls in sales and profits down to the general economic downturn affecting the retail house furnishing market, but noted that it had maintained gross margins.

Despite the fall in operating profits compared to 2008, they were still higher than in 2007 (£713k) and 2006 (£304k).