Independent department store group Morleys has reported another growth in sales as turnover edged towards £110m.
According to its latest filed accounts for the year ended 27 January 2024, total sales rose 4.4% to £108.6m from £104m in 2023, adding to its growth of 24.4% from £83.6m in 2022.
Pre-tax profit resulted at £7.7m, slightly down from £8.1m recorded the previous year.
Stated within its report, the group said: “Although sales increased, higher cost pressures and lower margins adversely impacted the overall profit. Trading continued to be challenging across the portfolio and whilst we seek to continue with our planned investments, we are reviewing all cost centres with a view to generate savings.
“We completed the opening of our new home store in Newbury and were fine tuning our refurbishment plans for Pearsons in Enfield for 2025. As part of our core strategy, we are continuing to invest in our bricks stores in order to create an exceptional customer experience led by talented individuals.”
The group added that its education business improved sales by 7% and profit, while its Pearsons store delivered sales of £16.8m, in line with the previous year, with a pre-tax profit of £803,000.
Morleys Group is a chain of independently owned department stores operating in the South East under a variety of different fascias including Morleys (in Brixton and Tooting), Roomes of Upminster, Pearsons of Enfield, Elys of Wimbledon, Selbys and Camp Hopson.
