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sharpsWardrobeUnderlying profits jumped 30 per cent at national bedroom furniture chain Sharps in 2013–14 as it made the most of new stores and above-the-line promotion.


The Sun-European Partners backed furniture chain registered EBITDA before one-off costs of £6m for the year to end September, while it said increased advertising spend along with 10 new showrooms helped it grow its top line.


Statutory sales over the 15 months to end September 2014 totalled £85.2m, though Sharps additionally split that out in its accounts commentary to show a year-on-year comparison.


Sharps has shifted its year-end from June to September to allow a more consistent and efficient activity level through the year, with June being a low point in the orderbook cycle, it said.


12 month sales to end September 2014 were up 17 per cent to £71m. That was helped by store openings, though it only opened a net two overall after factoring in eight concession closures in partner stores. It was trading from 120 locations at the 28th September balance sheet date, though now only lists 114 locations on its website.


Though no cash flow statement was filed, the business appears to have been strongly cash generative, ending the year with £9.2m in the bank, up from £4.9m at 30th June 2013.