Profits at Sofology increased during its latest financial year as it opened more stores across the UK.
The DFS-owned brand has posted pre-tax profits of £10.2m for the 12 months to June 25, 2023, up from £7m while its store estate rose to 58.
However, the company’s revenue decreased from £242.9m to £230.4m over the same period.
Sofology was founded in Clayton-le-Moors, Lancashire, in 1974 and is now headquartered in Golborne. Parent company DFS bought the brand in 2017.
While DFS’s results are published on the London Stock Exchange, Sofology’s accounts are filed with Companies House once a year.
A statement signed off by the board said: “We have made progress this year in increasing the number of geographical locations of stores.
“The new showrooms are performing well and management are satisfied with the return on investment to date from these new stores.
“We continue to see the opportunity to grow the Sofology brand to 65-70 stores in the medium term.”
During the year, the average number of people employed by Sofology decreased from 999 to 938.
During the same financial year, DFS’s revenue fell from £1.14bn to £1.08bn in the year while its pre-tax profits were cut from £58.5m to £29.7m.