Beds and mattresses retailer Mattress Online has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 31 May 2024, total sales fell 6.8% to £21.9m from £23.5m in 2023. Pre-tax profit resulted at £8,794, down from £450,000 recorded in the previous year.

Stated within its report, the company said that despite the year-on-year sales fall, revenues had increased by 28% over the last five years when sales stood at £17.1m in 2020, with gross margin remaining strong at 46.1%.

During the year, Mattress Online continued to expand with the opening of a new flagship store in Doncaster, as well as implementing a number of cost saving initiatives that are paying dividends in the current financial year.

Furthermore, the business reached 64,000+ Trustpilot reviews with a sustained 4.8/5 Excellent rating.

Steve Adams, CEO, commented: “In the financial year 23/24 we saw steady results from the implementation of a range of cost-saving initiatives across the business, and the opening of a flagship store in Doncaster was delivered – further increasing our physical retail footprint.

“We’re pleased to see an encouraging increase in footfall across our stores, and for both offline and online channels have seen figures already ahead of budget so far in the current financial year.

“In parallel with the previous financial year, UK political instability and the subsequent change of governing party, along with the cost of living crisis, continued to impact consumer demand and spending in our sector throughout the financial year ending May 2024.

“As a brand we will continue to invest in future growth and operate strategically to achieve continued growth while continuing further store expansions.”