Furniture, homeware, fashion and garden retailer Downtown, formerly Oldrids, has reported a slight decline in sales.

According to its latest filed accounts for the year ended 27 January 2024, total sales fell 0.7% to £27.9m from £28.1m in 2023.

Pre-tax profit resulted at £829,000, improving from its loss of £968,000 recorded the previous year.

Stated within its report, the company, which operates from two stores in Grantham and Boston as well as a garden centre, said: “Turnover on delivered sales has decreased, however gross margin has increased by 1.38%, due to a better overall margin percentage (42.13% vs 40.75%).

“The company made a significantly improved profit before taxation of £829,583 against a prior year profit before taxation on a continuing operating basis of £31,029. The improvement was driven by the performance at both Downtown Grantham and Downtown Boston stores.

“The Online business has experienced challenging trading compared to prior years which reflects customers returning to physical stores, and the cost of living crisis affecting our younger online demographic.”