Archers Sleepcentre 2009 Accounts

There is something about financial results that bring a yawn and an insurmountable wave of enervation. There is nothing to be done and what’s the point in looking back anyhow?

I’ll be brief. Worst profit since 2005. But from the perspective of this time last year I’m happy. The exact figure waits for the completion of our auditors toil but its a decent if smallish number. Incidentally we achieved our best ever gross margin – the benefits of improved buying power, smarter selling, and of course a sizeable contribution from the VAT man.

The lights went out August 2007 and anyone who tells you they’ve found the light switch give them a good kicking. We have seen Land of Leather, mfi, Allied carpets and other illustrious furniture names call it a day. One year can be weathered by all but the most useless companies. Two years gets a bit trickier, and I do believe there’s another year of bread and water to follow.

So what are our plans? The UK bed market has been transformed over the last decade. Then, no company had more than 10% of the market and now two behemoths, Steinhoff (Bensons, Sleepmasters, Harveys and Bed Shed) and Dreams must have close to 50% between them.

2010 looks to be a year for grabbing market share and sod the profit. Landlords are becoming more pragmatic and opportunities are appearing everywhere. We have offers on 3 stores as I write and our internet bed sales are going through the roof – they could quadruple this year. For our 3 store openings there must be another 333 opening too.  So it appears there is no choice. There are going to be tears to shed. If I had a scintilla of imagination I’d think of something else to do with our millions.

But selling beds is our mission. And I have a cunning plan. Watch this space.

Related posts:

1. Archers Sleepcentre Year End Results
2. Archers Stirling Bed Shop Opening Soon
3. Bed Shed and Dreams close

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