Oliver Bonas has reported its profits fell last year as it battled growing interest rates and high inflation during the period.
The homewares and fashion firm said its profits dropped to £6.8 million for the year ending December 31, compared to £7.6 million the year before, however, sales were up 18% to £136 million.
The results are in stark contrast to the year prior where its profits surged 21% and the retailer flagged that “things are slightly brighter” in the new year.
However, the fashion and lifestyle chain said that the overall economic backdrop over 2023 led to “subdued discretionary consumer spending”.
Oliver Bonas noted that it continued to invest in its store estate over the year, opening seven new shops as well as relocating or increasing the size of eight more.
The brand said it remained committed to its multichannel approach, and that it would continue to invest in new stores, relocations, refurbishments, and its websites moving forward.
