Online multi-channel retailer Studio has reported a decline in sales while profit fell to a loss of more than £75m.

According to its latest filed accounts for the year ended 24 April 2022, total sales were down 3.7% to £556.9m from £578.5m in 2021. Pre-tax losses stood at £75.6m, down from a profit of £56.6m recorded the previous year.

Product revenue decreased 7.8% to £410.5m from £445.3m, with the company stating that supply chain issues resulted in significant delays in the arrival of key seasonal stock for Studio’s peak trading period in the build up to Christmas.

“Difficult market trading conditions saw Studio maintain a large stock holding into the New Year despite heavily discounting multiple categories. Towards the end of the financial period, Studio experienced cash flow issues and the parent company, Studio Retail Group plc, filed for administration.”

The business and assets were acquired by Frasers Group during the period allowing the business to reopen following two weeks of suspended trading due to the administration.