Online furniture seller Made.com has posted widening losses after consumers slowdown on buying homeware items amid the cost of living crunch.
The company posted a loss before tax of £35.3m for the six months to 30 June, versus £10.1m a year prior.
Earlier this week, Made said it would conduct a strategic review of its future options, including job cuts and possible sale of the business.
The group said it had taken “prompt action” to clear excess stock with a blitz of discounts. Stock levels had been reduced from £63m at the end of the year to £44m at the end of the first-half of the year, bringing levels more closely aligned with demand moving forward, the company said.
The firm only made its debut on the London Stock Exchange in January, with a valuation of £775m.
Made’s share price has taken a hammering to the tune of 97 per cent over the past year to date, with shares closing up 24 per cent on Thursday.
“The first half of the year was a challenging time for the global economy and particularly for the retail sector,” according to chief executive officer, Nicola Thompson.
The firm said in a statement last week that it would start cutting costs by laying off staff within the next few weeks. It was not entirely clear how many will be impacted by the cull.
“Made is not alone in being hit by problems in the supply chain and the cost of living squeeze but we are taking actions to ensure our continued success, supported by our strong brand, an excellent product range and a large and loyal customer base in multiple markets,” chief exec Thompson said last week.