Five-store independent furniture retailer Fairway Furniture has reported a growth in both sales and profit.

According to its latest filed accounts for the year ended 31 January 2022, total sales rose 22.68% to £8.8m from £7.2m in 2021.

Gross profit increased from £3.2m to £3.9m, while pre-tax profit resulted at £0.9m, up from £0.6m recorded the previous year.

Stated within its report, the company said that strong trading in stores when reopened following the pandemic restrictions offset the closure period, while the cost of goods remained in line with sales.

“Gross margins came under sustained pressure during the year from both unprecedented shipping costs for imported product and the continued upward trajectory of product prices due to global supply chain challenges, falling by 2.33% to 44.46%,” the business added.

“The company invested in its fixed assets and its people during the year. Performance continued to show that the company, reinforced by a stronger financial position, remains well placed to deliver increased sales going forward.”