Independent furniture retailer Gillies of Broughty Ferry has reported a slight decline in sales as turnover remained strong at over £20m.

According to its latest filed accounts for the year ended 31 August 2024, total sales fell to £23.3m from £24.5m in 2023.

Pre-tax profit resulted at £1.1m, slightly down from its profit of £2m recorded the previous year.

Stated within its report, the company said: “Turnover for 2024 was recorded at a little above £23.3 million, a reduction of 5% from the level achieved in 2023.

“Trading conditions continued to be difficult throughout the year, with the economic and political landscape contributing to cost of living challenges for consumers, with tightening household budgets impacting on big-ticket retail sales, which are key elements of our company’s turnover.

“Our experienced Board of Directors continue to have a close involvement in the day-to-day operations of the business and this allows us to manage the threats and opportunities as they arise. Close attention and reaction to supplier pricing has protected the company’s Gross margin which shows an increase over previous years.

“Inflationary pressures were, however, brought to bear on many of the Company’s costs, in particular Payroll costs, where prevailing market rates have influenced pay awards.

“The company continues to follow a planned programme of refurbishment of its stores keeping the company’s offering at a high standard and ensuring that product ranges are kept appealing.”