Flooring sales almost double 2020 figures

Flooring sales almost double versus 2020 as furniture sees growth

Flooring sales were almost twice that of pre-pandemic levels in February, while furniture sales continued to see growth.

Although flooring sales in England, Wales and Scotland dropped by 7.96% to £219.246m in February, compared with January, that was 98% higher than February 2020, according to Office for National Statistics data.

Sales in February 2021, during the national lockdown, were £43.8m.

February 2022’s performance is the 55th best month of 434 months since January 1986, when comparable records began. March 2008 remains the best performing month with sales of £290.4m.

Furniture and lighting sales saw monthly sales drop by 7.83% to £1.195bn. However sales were 8.5% higher than February 2020. Sales in February 2021 during lockdown were £886.9m.

February 2022’s performance is the 42nd best month since January 1986. December 2020 remains the best performing month with sales of £1.53bn.

The figures do not allow for inflation and are subject to revision.

Headlam promotes Payne to top role

Headlam has promoted Chris Payne, cfo and interim chief executive to chief executive.

He succeeds Steve Wilson, who stepped down in

October after five years in the role and 30 years at the group.

‘I am delighted to have now been appointed permanent chief executive. Over my five years with the company, I have been heavily involved with operations and the business change strategy in addition to my role as chief financial officer.

‘I have seen many of our actions now come to fruition, and believe the company is poised for greater success in the future, and I intend to drive through all the opportunities available,’ says Payne.

Meanwhile the group says trading in January and February continued where 2021 left off. The group returned to the black with pre-tax profit of £27.6m from sales of £667.2m in 2021.

Underlying operating margin rose from 3% to 5.6% and the group says it is on track to hit 7.5% during 2023.

An additional £30m is to be returned to shareholders through a special dividend and share buy-back programme, on top of its normal dividend. Interiors inflation showed no sign of easing in February, with furniture and flooring prices again rising.

Prices for household furniture were 14.7% higher year on year, according to ONS. This compares with a 14.1% rise in January.

Prices for carpets and other floorcoverings were 8.7% higher than a year earlier, up from 8.1% in January.

The overall furniture, furnishings and carpets index saw the annual inflation rate climb from 12.6% to 13.3%, while all product indexes saw inflation rise.

Furniture and furnishings rose from 13.7% to 14.4%; garden furniture from 7.6% to 8.4%; lighting jumped from 5.7% to 10.9%, carpets and rugs rose from 6.5% to 6.6%, and other floorcoverings leapt from 14.3% to 20.1%.

Textiles also saw inflation gather pace: furnishing fabrics rose from 3.3% to 5%; bed linen from 4% to 6% and bathroom/ table linen from 0.8% to 2.2%.

Chris Payne: ‘heavily involved with business change strategy’

Interiors inflation shows no signs of slowing

Made rows back on executive pay

Made has rowed back on plans to give its executives significant pay increases.

The retailer had planned to give Philippe Chainieux – now former ceo and replaced by Nicola Thompson, former coo – a £100,000 base salary increase to £550,000 and Adrian Evans, cfo, a £40,000 rise to £365,000. This has been replaced with an increase that all staff will receive: 2.5%.

‘We are very aware that the changes proposed are material and, given the wider macroeconomic environment and external headwinds impacting the business, the proposed increase would not be appropriate at this time,’ says Gwyn Burr, Made chair of the renumeration committee in its annual report.