Furniture department store group Morleys Stores Limited has posted an overall growth in total sales, with its latest acquisition proving to pay off after ‘enjoying significant investment’.
According to its latest filed accounts for the period from 1 February 2015 to 30 January 2016, total group sales, including concessions and VAT, rose by 10.6% to £109.1m from £98.6m in 2015, while also registering a pre-tax profit of £8.6m, up 10.2% on £7.8m last year.
Morleys most recent acquisition, Newbury-based heritage outlet Camp Hopson, delivered a significant return in total sales to £12.8m, although making a loss of £764,830 due to a ‘heavily invested’ programme of ‘redevelopment and refurbishment’ of the department store and furniture showroom.
Elsewhere within the group, Elys of Wimbledon reported an increase in sales of 0.7% to £25.6m, while Pearsons of Enfield and Morleys of Brixton posted sales rises of 6.7% to £18.9m and 4.3% to £14.4m respectively, with Selbys (Holloway) generating sales of £11.4m, up by 0.8%.
Roomes of Upminster saw sales grow by 3.1% to £6.6m, Bodgers of Ilford posted a slight increase to £5.9m, and Morleys (Tooting) posted an uptick of 8% to £2.7m, although Morleys (Bicester), its furniture mail order business, reported a drop of 5.4% to £8.6m.
Commenting within the overall group report, Morleys said: “The directors are confident that the continued focus on the key management policies will strengthen the financial position of the group during the ensuing year.”