Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

UK furniture retailer Made.com posts wider half-yearly loss as costs rise

Stock Markets Sep 29, 2022 16:02
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Made.com web site is seen on a smartphone in this illustration taken June 16, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Made.com reported wider half-yearly losses as the British online furniture retailer struggled with higher costs and heavy discounting.

British consumers have cut back on non-essential purchases such as furniture as they face a worsening cost-of-living crisis with prices of everything from food to fuel rising and putting a strain on their disposable income.

"The first half of the year was a challenging time for the global economy and particularly for the retail sector," said Chief Executive Officer Nicola Thompson.

The retailer last week started laying off staff and reviewing options including a potential sale barely over a year after going public. It said the layoffs would help reduce annual costs by 6 million pounds.

"The Group has faced a significant reduction in demand which has been difficult for the business and its stakeholders," Thompson said.

The company said loss before tax came in at 35.3 million pounds in the six months to June 30, compared with 10.1 million pounds a year earlier.

UK furniture retailer Made.com posts wider half-yearly loss as costs rise
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email