The chain, which issued a profit warning earlier this month, reported gross profit for the year of£32.2 million, slightly down on the£32.9 million achieved the previous year. Revenues for the year were also down, from£59.9 million to£59.1 million.
Gross sales, which include the full value of concession sales and VAT, increased 1.1 per cent to£108.2 million.
Like-for-like sales in the first 11 weeks of the retailer’s current financial year to January 19 were down 6.4 per cent.
Beales chairman Mike Killingley said: “We are extremely cautious in our outlook for the remainder of the year. Economic uncertainty, coupled with higher tax, mortgage interest and energy costs, make any significant improvement in our underlying profitability difficult to envisage before 2009 at the earliest. We expect to have another difficult year.”
Former Bhs retail director Tony Brown will join Beales as chief executive on April 1.
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