Oliver Bonas saw profits fall as middle-class consumers tightened their belts.
The retailer, which sells jewelry, office supplies and clothing, said its business was hit by high interest rates and the cost of living crisis.
Profit was £6.8m in 2023, down from £7.6m the year before.
Tough times: Oliver Bonas said the company was hit by high interest rates and the cost of living crisis
The company has more than 1,500 employees and 84 stores.
But despite the lower profits, revenue rose 18 percent to £136 million in 2023.
Timothy Hollidge, the company’s chief executive, said the start to 2024 had also been “stronger than expected”.
DIY INVESTMENT PLATFORMS
AJ-Bel
AJ-Bel
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive investor
interactive investor
Fixed investment costs from £4.99 per month
Saxo
Saxo
Get £200 back on trading fees
Trading 212
Trading 212
Free trading and no account fees
Affiliate links: If you purchase a product, This is Money may earn a commission. These deals are chosen by our editorial team because we think they are worth highlighting. This does not affect our editorial independence.