Great Yarmouth-based independent home department store Palmers has posted a fall in sales for a second successive year, with losses widening due to a ‘disappointing’ Christmas and one store closure.
Highlighted within its latest filed accounts for the period from February 2015 to 30 January 2016, total sales dropped by 15.9% to £7.4m from £8.8m in 2014.
The company said that Christmas trading and stock losses brought forward following the closure of its Dereham outlet contributed to an overall loss of £110,622, stretching from its loss of £69,631 recorded last year.
Palmers also said that it has replaced under-performing merchandise sections with new departments, brands and ranges in all of its remaining stores in Great Yarmouth, Lowestoft and Bury St. Edmonds, with a forecast of improved trade performance.
Commenting with the strategic report, Palmers added: “We are confident this will lead to sales increases this year. Much will depend on Christmas trading but we are confident of returning to profit in 2016-17.”