Long serving family business Oldrids & Downtown has reported a reduction in both top and bottom lines in what was a challenging year.
According to its latest filed accounts for the period from 1 February 2015 to 30 January 2016, total sales fell by 1.5% to £43.4m from £44.1m, whilst overall profit for the financial period resulted in £6,197, down from its profit of £260,555 last year.
However, the company said that sales for the year after eliminating the distorting effect of week 53 were up by 1.2%, with website sales showing growth of 7%. Small and big ticket items both suffered as sales fell by 1.8% and 0.4% respectively.
Within its store portfolio, Gainsborough, Lincoln and Downtown Grantham all registered an uptick in sales of 5.5%, 4.7% and 2.9% respectively, whereas its stores in Boston, both Intown and Downtown, saw sales slump by 1.4% and 0.7%.
During the period, Oldrids pumped in £1.77m of investment, with £1.4m relating to refurbishment and the refit of stores, whilst £370,000 went on new IT systems.
Over a two year period – and due to the improvements – turnover grew by 5.9%, with the company indicating it is in ‘good stead for the future’ after a ‘difficult’ year.
Oldrids, which has been established since 1804, recently reached an agreement with Central England Co-operative on the sale of the former Westgate Department Store in Scunthorpe, acquiring the remaining six-year lease.