British luxury bed brand Savoir Beds has reported a decline in both turnover and profit.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 4.7% to £12m from £12.6m in 2022.

Pre-tax profit resulted at £684,000, down from £1.5m recorded the previous year.

Stated within its report, the company said that gross margin was maintained at 67% despite economic headwinds that created a challenging market.

“While the very wealthiest clients continued to spend, many salaried clients became more cautious in their approach to consumption. As a result, an increasing proportion of Savoir’s business was generated through interior designers.

“New product launches continued both in terms of design and a new core product, the Savoir No5. The No5, launched at the end of 2023, is known as the Savvy and appeals to a younger client, helping to position Savoir well for this important demographic, while maintaining our vital DNA.

“Despite the headwinds, the business remained broadly flat in revenue terms, but cost pressures and the business mix softened net margins.”