Rising costs and lower demand impacts independent retailer

Impartial furnishings retailer Hatfields has reported a decline in turnover.

Based on its newest filed accounts for the 12 months ended 31 March 2024, complete gross sales fell 19% to £5.4m from £6.8m in 2023.

Pre-tax revenue resulted at £7,884, down from £329,000 recorded the earlier 12 months.

Said inside its report, the corporate stated: “Shopper confidence stays low because the cost-of-living disaster, and full impression of excessive inflation bites. Massive ticket / luxurious objects comparable to dwelling furnishings proceed to wrestle as disposable incomes shrink.

“Throughout the 12 months, the group felt the total impression of the power value hikes, having come out of a low-rate mounted offers, seeing common utility prices elevated by over 60% alone.

“Gross revenue margin decreased barely to 44.9% (45.6%) and turnover declined 19%, which on high of accelerating prices all through the enterprise, has had a big impression on profitability.”