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OKA profits triple as retailer's turnaround takes hold
OKA's adjusted EBITDA nearly tripled to £5.3 million in the year to June, with sales up 25 per cent to £46.1 million following its 2024 restructuring.
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Luxury home interiors retailer OKA has posted a sharp swing into profit, with adjusted EBITDA nearly tripling in the 12 months to the end of June as the brand sees the payoff from its 2024 financial restructuring.
Sales of furniture, lighting and homewares rose to £46.1 million from £36.8 million in the previous year, a 25 per cent jump. Adjusted EBITDA climbed to £5.3 million from £1.7 million, a gain OKA attributed to improved gross margin and a reduction in its cost base. The company moved to an operating profit of £1.3 million from a loss of £4.8 million over the same period.
Mark Saunders, chief executive of OKA, said: "These results are an important milestone on our turnaround journey. We've taken some difficult decisions, re-focused on the UK market and rebuilt OKA around the things that make us unique, design, quality, craftsmanship and exceptional customer service. This is resonating with an increasingly intentional consumer who is building their home interior around key, investment pieces."