Bensons returns to profitability as transformation programme gathers pace
Bensons for Beds made a return to operating profitability in the five months 30 September as its transformation programme gathered momentum.
In addition, the retailer saw its like-for-like sales increase by 10.5% in the seven weeks to 15 January.
Bensons attributed the growth to investment in its omnichannel strategy which included a new ecommerce platform, product innovation and the acceleration of store relocations and refurbishments.
During the five month period, Bensons turned over £101.9 million and delivered an operating profit of £1.6 million. This compares to revenue of £148.4 million and an operating loss on continuing operations of £24.9 million in the ten months to 30 April 2021.
Ian Shepherd, chairman of Bensons for Beds, said: “We have made huge progress on our transformation plans which are built around turning Bensons for Beds into a true omnichannel retailer.
“The business has worked hard to minimise disruption from the impact of Covid-19, on our colleagues and customers and on our supply chains. Navigating this period has been a huge challenge, and the board is grateful for the support of our suppliers, colleagues, and shareholders.
“Though some macroeconomic uncertainty remains, the business is well positioned to push ahead with its transformation and to deliver the growth we have set for ourselves. The delivery in this period of a positive operating profit, is a big step forward for the company.”
The retailer said it enjoyed double digit sales growth from the August bank holiday through to its post-Christmas peak and that the performance has continued into the new year, both in-store and online.
Bensons opened eight new stores in December, including five relocations, to take the total number of shops to 179. It is planning to launch a further 35 in 2022,
Mark Jackson, Bensons for Beds chief executive, said: “I’m deeply thankful and grateful to colleagues right across the business for their hard work to transform Bensons into the retailer we know our customers want us to be. And while our return to profitability is an important milestone, it’s simply a consequence of doing the right thing by customers.
“Our transformation is not yet complete. In the year ahead we’ll keep focused on our customers, on how they want to shop with us – online and offline – and on making their experience as they invest in their sleep, as easy as it can be.”
