Online retailer Furniturebox has returned to profit, with a +20% surge in sales. The business, which was co-founded by Dan Beckles and Monty George 10 years ago, reports that it made a £612,288 profit in 2024 following a £1,030,530 loss the previous year, due to a £3m investment in its new warehouse headquarters, next to the M4 in Chippenham.
Sales increased by +20.6% from £21,333,813 in 2023 to £25,617,335 last year.
Turnover in the US almost tripled to £6m – with more than 100 products launched and reach expanded through Amazon US – while European sales outside the UK doubled.
Revealing the results for the 2023-24 FY ended 31st July 2024, Monty and Dan, both aged 27, said US expansion drove growth across all sectors, despite a "complex" domestic environment hit by "persistent cost of living concerns".
Co-founder and MD Monty says: “We are delighted to have returned to profit with a big jump in sales in what has been a really tough market for everyone in the interiors market.
“Our first loss the previous year was due to the major investment in our new warehouse headquarters which has brought huge efficiency savings and allows us to deliver more quickly than our competitors. This was part of a long-term strategy which is really paying dividends with a strong new management team in place, all committed to sustainable growth here and in the US and throughout the rest of Europe.”
In a strategic report accompanying the results, the pair say their "core growth strategy" remains on track, and that they are confident of "accelerated momentum" in the current FY, despite "mixed signals in the market".
The report says that new challenges including conflicts in the Middle East had led to shipping delays and rising costs, putting pressure on margins – but that the business had still managed to increase margins due to its strong supplier relationships and proactive planning.
Furniturebox has made sustainability a priority, with a ‘no-plastic’ first approach which has seen a significant reduction in plastic usage and greater use of recycled material. The company has also achieved FSC (Forest Stewardship Council) certification for the second year, using forest products that are sustainably sourced and managed.
More than 90 new products were launched, and costs were managed with technology advancements including adopting AI-driven tools.
The move to the new 88,000 sqm warehouse on Indurent Park near Chippenham has now "fully stabilised" and "incremental efficiency improvements are being implemented continuously", says Furniturebox – adding that the investment means it can deliver for free throughout the UK the next day on most orders placed 8pm the previous night.
Pictured: Dan and Monty
