Furniture retailer grows profit despite pandemic impacting sales

Family furniture retailer Ponsford has reported a growth in profit despite a decline in sales.

According to its latest filed accounts for the year ended 31 July 2020, total sales fell 24.8% to £6.5m from £8.6m in 2019.

Despite the reduction in turnover, pre-tax profit increased 22.4% to £377,000 from £308,000 year-on-year.

Stated within its report, the company said that the imposed lockdown impacted its top line although its online store continued to operate.

Moving forward, the business added that it intends to conduct a review of online vs in-store trading along with an assessment of the logistical challenges that this presents.