Bedshed, Kitchen Connection parent boosts profits

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Joyce Corporation, the listed franchisor and owner of retail bedding store chain Bedshed, and Wallspan and Kitchen Connection, says revenue increased 16 per cent to $129 million in the year to June 30, despite challenging operating conditions.

Earnings before income and taxes rose 33 per cent to $32.2 million, while tax-paid profit from continuing operations increased 36 per cent to $17.6 million.

Bedshed’s franchisee operations generated $5.3 million in revenue while company-owned stores brought in $15.7 million.

KWB Group delivered $108 million in sales, up 20 per cent compared to the previous year. It has also opened two stores during the financial year with a third planned within the month.

Dan Madden, CEO of Joyce Corporation, said the business’ brands showed resilience despite the lingering impact of the pandemic and are well positioned to meet strong demand from consumers.

“Our response to these conditions has been to continue to concentrate on delivering high levels of customer service. While we have continued to grow, we have only done so where we have been certain that we have the people and supply chains in place to support a high-quality customer experience.”

The business is set to pilot its own home staging business dubbed ‘Crave’ next month in Perth. Madden described the opportunity as a “substantial, under-serviced market segment that has significant growth potential”.

“Crave leverages our understanding of the needs of homeowners to enable us to style and prepare a house for sale to maximise its appeal to buyers.”

He added that in the last 10 years, the Australian home staging market has more than “doubled” and is becoming an increasingly meaningful part of the residential housing market.

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