Devon-based independent retailer Fairway Furniture posted a decline in both sales and profit, while continued investment paves the way for future savings.

Hardings & Sons Limited, which trades as five-store retailer Fairway Furniture, saw turnover for the year ended 31 January 2015 fall slightly by 1.35% to £7.9m against the previous year of £8.04m.

Gross profit remained largely flat over the period at £3.5m, while operating profit dropped by 66.3% to £69,747 from £199,388 in 2014. Overall profit for the year fell to £73,741 from £176,594.

The company recently invested £170,000 in its logistics operations with the addition of three new delivery lorries to its current fleet.

Commenting within its strategic report, the company said: “Overall cost of goods fell slightly and gross margin increased by 0.55% to 44.80%, but this was not enough to prevent a fall in profitability.

“During the year the company continued to invest in its fixed assets where they brought operational benefits or efficiency savings. The company remains in a strong financial position.”