Dream performance as profits and sales rise for bed company
Another strong performance has seen bed store chain Dreams rack up higher profits and sales figures despite a "challenging UK retail environment".
The company has hailed its fourth year in a row of like-for-like growth, during which it opened a state-of-the-art extension to its Oldbury factory, increasing production capacity by nearly a third.
For its financial year to December 24, 2017, Dreams saw sales rise 7.2% to £300 million, with like-for-like sales growth of 3.3%.
Group pre-tax profit was also up 7.2%, to £29.2m in a year that saw eight stores opened, giving Dreams 187 nationwide. Another three have been opened so far this year, while 23 were refurbished in 2017.
Chief executive Mike Logue said: "Our results for 2017 reflect our ongoing investment and commitment to make, sell and deliver the most comfortable beds across the UK. We have continued to provide market leading quality, value and choice alongside a first-class customer experience.
"This positive set of results for 2017 is our fourth year of continued sales and profit growth, and is testament to the dedication of our colleagues across the UK. I wish to thank everyone at Dreams in our factory, shops, distribution and support centres for their hard-work and contribution.
"While the UK consumer economy continues to face a number of challenges, our continued growth and improvement puts us in a strong position to gain further market share."
The group launched a line of 'aspirational' bed frames – which now make up 20% of Dreams' sales – as well as its Doze rolled mattress 'take home today' range.
E-commerce sales were up 15% with 18.2 million website visits during the year thanks in part to a £1.8m investment in a new web platform.
Dreams opened another two home delivery centres, giving it 11 across the country, and spent £2.5m on a programme of replacing its heavy vehicle fleet as it made more than 480,000 deliveries.
Looking ahead, the company said it had a strong start to the year and was currently "well-positioned to take advantage of further growth opportunities given its strong cash flow generation and zero debt".
With its headquarters in High Wycombe and 1,950 employees across the UK, Dreams sells 11,500 mattresses, bases and headboards per week to customers nationwide.
The Dreams Bed Factory in Oldbury manufactures over 275,000 mattresses a year and over 190,000 beds.
