Direct-to-consumer retailer WoolOvers Group has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 30 March 2024, total sales fell 13.6% to £31.6m from £36.6m in 2023.

Pre-tax profit resulted at £1.6m, down from £2.5m recorded the previous year.

Stated within its report, WoolOvers, which trades via catalogues and eCommerce websites across a number of categories including home furnishings, said: “Overall, the Company reported a profit before tax of £1.69m, a slight reduction on the prior year profit, which represents the impact of the customer base levelling off from the highs during COVID, while maintaining underlying EBITDA after adjusting for one off FX hedging impacts that amounted to a profit of £20k (2023: £578k).

“Revenues in the period were £31.6m, a 13.6% decrease driven by a profitability approach taken through the year alongside the post COVID levelling out of the customer base. The gross margin % was 41.5% (2023: 38.4%), however gross profit reduced by 6.6% to £13.6m (2023: £14.1m) in line with the revenue reduction.

“At the period end, the Company had a net cash balance of £1.3m (2023: £6.4m) following investment in acquisitions in sister companies, causing the intercompany debtor position to grow and the repayment of the bank loan in the year of £2.5m.”