Furniture retailer Sofa.com, part of the Frasers Group, has reported a decline in sales as turnover fell below £40m.

According to its latest filed accounts for the year ended 30 April 2023, total sales fell 16.7% to £37.8m from £45.4m in 2022.

Pre-tax profit resulted at £2.2m, down from £6.2m recorded in the previous year.

Stated within its report, Sofa.com said: “The company has shown a strong performance despite the reduced levels of profitability being driven by declining macro-economic factors, driven by the cost-of-living crisis.

“The directors are pleased with the performance of the company as it remains profitable with a healthy margin (44.3%, down from 45.3%) and feel it is well placed for growth in the future as economic pressures soften.”