Victorian Plumbing claims victory after posting 67 per cent drop in earnings
Online bathroom store Victorian Plumbing today said it had successfully captured a larger slice of the bathroom products market, after noting that its sales are now 39 per cent higher than before the pandemic.
The Skelmersdale firm said its adjusted earnings were 67 per cent lower than last year and 24 per cent lower than before the pandemic as a result of inflationary pressures.
However, the e-commerce company said that increased marketing activities had helped it seize a larger slice of the market, as the retailer argued that while its sales are 5 per cent lower than last year, they are 39 higher than pre-pandemic levels.
The firm blamed the 5 per cent drop in sales on the end of the pandemic home maintenance boom, as it claimed customers had begun switching back to spending their money on leisure activities following the easing of lockdown restrictions.
The firm also claimed it had cuts its profit margins and taken a hit to its earnings as a result, in a bid to capture a larger slice of the bathroom market.
Company founder and chief executive Mark Radcliffe, said Victorian Plumbing’s “relentless focus on investing in quality and innovation had resulted in revenue growing 39 per cent on a two-year basis,” as he pointed to the launch of the firm’s new website.
The firm also said it is continuing work on its “Trade app” with a view to boosting sales with trade customers, as it noted trade revenues had increased 18 per cent to 24.6m.