Independent furniture retailer Hatfields has reported a decline in turnover.

According to its latest filed accounts for the year ended 31 March 2024, total sales fell 19% to £5.4m from £6.8m in 2023.

Pre-tax profit resulted at £7,884, down from £329,000 recorded the previous year.

Stated within its report, the company said: “Consumer confidence remains low as the cost-of-living crisis, and full impact of high inflation bites. Big ticket / luxury items such as home furnishings continue to struggle as disposable incomes shrink.

“During the year, the group felt the full impact of the energy price hikes, having come out of a low-rate fixed deals, seeing average utility costs increased by over 60% alone.

“Gross profit margin decreased slightly to 44.9% (45.6%) and turnover declined 19%, which on top of increasing costs throughout the business, has had a significant impact on profitability.”