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40% jump in sales for Flooring Superstore
February 7, 2022
Fast growing national chain Flooring Superstore reported a 40% uplift in sales in 2021 as it doubled its store portfolio.
The latest accounts filed for the 12 months ending July 31, 2021, show revenue up 40.1% to £49.7m for North-east-based Connection Retail - the parent company of Flooring Superstore and its sister brand Direct Wood Flooring.
Profits were down 4% overall but when the costs of opening new stores are stripped out, the earnings on sales were nearly 17% up.
The company has plans to open 20 new stores in 2022 to increase its outlets to 60, following the most successful year in its history.
The business started as an e-commerce operation in 2012 but opened its first bricks and mortar store in 2017. It has said, pre-Covid, that it has ambitions to open 100 stores UK-wide.
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BUSINESS NEWS
The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
Kellars, which describes itself as the largest independent flooring wholesaler in the UK, saw another year of “substantial growth” to July 2024, according to its strategic report for the period. With six depots across the UK and a team of more than 100, the company has reportedly grown at a “rapid rate,” with the year leading up to July 2024 seeing a dramatic rise.
Victoria PLC, an international designer, manufacturer and distributor of flooring, today announces the planned appointment of Alec Pratt to the Group board as Chief Financial Officer Designate, who will replace Brian Morgan after three years’ service as Victoria’s Chief Financial Officer in June.
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Mohawk Industries has announced fourth quarter 2024 net earnings of $93m (£71.8m), with adjusted net earnings at $123m (£95m). Net sales for the fourth quarter of 2024 were $2.6bn (£2bn), an increase of 1.0% as reported and a decrease of 1.0% on an adjusted basis versus the prior year.
Likewise Group, a UK flooring distributor, has announced the completion of its purchase of a freehold Logistics Centre in Ivybridge near Plymouth.
VAT and PAYE records from HM Revenue and Customs, compiled by The Furnishing Report, have revealed the number of flooring retailers with sales over £1m reached a record high in 2024.
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