Online furniture retailer Furniture and Choice has reported a decline in both sales and profit.

According to its latest filed accounts for the year ended 31 March 2022, total sales fell 14.5% to £38.8m from £45.4m in 2021.

Gross profit decreased from £11.3m to £5.1m, while pre-tax profit resulted at £0.3m, down from £6.6m recorded the previous year.

Stated within its report, the company said the reduction in turnover was due to lower consumer spending on furniture following the surge experienced during the earlier stages of the Covid-19 pandemic. The war in Ukraine and cost of living crisis has further impacted consumer demand during 2022.

“The reduction in gross profit is due to absorbing the cost impact of huge increases in global freight rates followed by substantial promotion of products at the end of the financial year to reduce stock holding following weaker than expected consumer demand,” the business added.

“The company has made adjustments to its pricing and cost base and is targeting to increase market share based on continual investment in the business and product offer.”