Upmarket furniture chain slips to first loss since 2003; Turnover down nearly 9%

2nd December 2009 | retail | 16-store furniture retailer Wesley Barrell returned a £0.2m pre-tax loss in 2008 following an 8.9% sales fall to £8.1m.

It was the firm's first pre-tax loss since 2003, although it had registered marginal operating losses in 2004 and 2005. 2008 marked the end of a four year cumulative rise in pre-tax profits, culminating in a 2007 peak of £0.23m from sales of £8.9m.

In the company's director's report, it said it was taking positive action to enable the Company to trade through the economic downturn with several initiatives being implemented to minimise costs and maximise sales opportunities.

It went on to warn of fluctuations in exchange rates, competition from imports, and margin pressures associated with higher raw material costs as the biggest threats moving forward.

Wesley Barrell is a vertical business majoring in uphostery that also operates an online store selling accessories, lighting and occasional furniture.