In an update yesterday, the home supplies retailer said inflationary pressures on the cost of goods and shipping costs had reduced.
The Enderby-headquartered business posted like-for-like sales that were 2.5 per cent higher year on year in the quarter, and 3.7 per cent higher on a year-to-date basis.
In the 26 weeks to 1 April, the firm saw pretax profits plummet 69.6 per cent to £1.7m due to inflation, but the retailer said it was confident profit in the second half would be "materially higher" and it would meet expectations for the year as a whole.
(c) 2023 City A.M., source