22 July 2024, 00:41
By Furniture News Oct 21, 2022

Dreams reports "robust" FY21 performance

Dreams has announced its audited results for the 52 weeks to December 2021 (FY21). The results show strong trading, with net sales growth at +187% compared to 2019.

Dreams enjoyed a "resilient" sales performance, totalling £358.4m (FY20 – £302.1m). Underlying pre-exceptional EBITDA increased by +6.4% to £60.7m, and profit before tax rose +5.1% to £48.7m.

The retailer reports strong trading across its ecommerce platform, with net sales growth of +187% from 2019.

During the year, the business opened four new Dreams stores, four Feather & Black stores (all within Dreams stores), executed three relocations and refurbished 19 sites.

It says it delivered a record 600,000 orders in the period, and made half a million mattresses, divans bases and headboards at its bed factory in Oldbury.

The year also saw Dreams build on its existing partnership with Team GB and ParalympicsGB, and it became the official sleep partner of the Special Olympics. Meanwhile, it maintained "excellent" customer satisfaction levels, scoring 92% for retail and 86% for home delivery respectively through its customer satisfaction survey, Pillow Talk.

CEO Jonathan Hirst says: “These results once again reinforce the strength of our brand and the resilience of our colleagues, who have continued to show unfaltering commitment to the Dreams business.

“Whilst 2021 was undoubtedly a more positive year for retail, it was still a challenge, with stores shut for an additional 14 weeks and affecting sales.

“Despite this, a relentless focus on customers, colleagues and culture allowed us to respond well and mark the eighth year of consecutive profit growth. This is all down to our colleagues and the Dreams strategy – to provide our customers with great choice, great customer service, high-quality products and fast delivery, giving them the best experience possible.

“It has been a privilege to take on such a strong team in my first year as CEO, and I look forward to driving further growth over the coming years.”

Looking ahead, in an operating environment that continues to be challenging for all retailers, Dreams says it is positioned well and remains "focused on delivering industry-leading products and stand-out customer service through its best-in-class colleagues".

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