MFI mulls retail withdrawal

24-08-2006

A disastrous set of results from MFI Furniture has led the group to consider retreating from the retail sector completely.

During the first half of the group's fiscal year revenues dropped by 11 per cent to £597.1 million, largely thanks to a 25.1 per cent fall in retail revenue to £311.8 million.

These falls resulted in an operating loss for the retail chain of MFI Furniture before exceptional items of £14.2 million, contributing to an overall £45 million loss.

In a statement released this morning MFI Furniture said that "discussions about the possible disposal of retail are progressing," but chief executive Matthew Ingle remained upbeat.

"In a rapidly changing market place, retail remains challenged, but we are committed to finding a way forward, even if it remains a long road ahead," Mr Ingle said.

"Supply is changing to align itself with the market. Overall, we have been working hard and made progress, but we have much more to do."

MFI Furniture's share price, which has dropped steadily during the last three months, fell by a further 6.12 per cent in early morning trading.


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