Independent furniture retailer Graham and Green has reported a decline in sales.

According to its latest filed accounts for the year ended 31 July 2024, total sales fell 10.2% to £14.7m from £16.4m in 2023.

Pre-tax losses resulted at £473,000, down from a profit of £8,400 compared to the previous year.

Stated within its report, the company, which trades through its website and four stores – three in London and one in Bath, said that margins improved from 44% to 45.5% due to better supply chain costs and other cost of sales.

“We continued to see difficulties in retail through the whole of last year. Interest rates were slow to reduce which was disappointing and nervousness was evident before the two elections in the UK and US.

“This was reflected in the company’s performance, where sales fell. It is worth noting the company is still 20% higher in its turnover from FY20/21.”