Independent furniture retailer Graham and Green has reported a decline in sales.

According to its latest filed accounts for the year ended 31 July 2023, total sales fell 6.6% to £16.4m from £17.5m in 2022.

Pre-tax profit resulted at £8,400, down from £1.1m compared to the previous year.

Stated within its report, the company, which trades through its website and four stores – three in London and one in Bath, said that margins “hovered” around 45%.

“The general economy still appears to be difficult not least highlighted by the news of the UK being in a recession for the last 6 months of 2023. There were definitely signs of this slowdown within our own space a little earlier. With interest rates higher albeit settled now at just over 5% there appears to be a slower acceptance these will not be reducing much earlier than the middle of 2024.

“This continues to have an effect on sales, especially for bigger ticket items although we do see appetite when there is a promotion, so customers are obviously looking for increased value where possible. Although general costs, such as container pricing stabilised through the supply chain, end delivery costs increasing meant margins continued to be squeezed.”