Glasswells' sales in line with rivals; New store needs 2 years to achieve potential

3rd December 2009 | independents | One of the UK's largest family owned home furnishing retailers says it could take two years for its new 73,000sq ft Ipswich store to reach its full potential, as it reported a 13% group turnover fall in the year to 28th February.

Glasswells, which now has five stores across the East of England region, made a pre-tax profit of £0.5m from sales of £18.98m - its lowest turnover figure since 2004. The prior year it made £1.8m from £21.9m sales.

The firm has invested some £5m+ on its new Ipswich store as well as refurbishing its Bury St Edmonds flagship site. The retailer also has stores in Haverhill, Saffron Walden and Martlesham Heath, as well as a contract furnishing arm and a removals and storage business.