Richer Sounds has turned around its fortunes to report an increase in full-year profits.
The electricals retailer reported pre-tax profits of £4.1m in the year to April 28, up from £2.4m the previous year.
Total sales crept up by 0.6% to £138.4m and the company said trading since year-end has “seen small improvements in both turnover and margins”, according to documents filed at Companies House.
The retailer, which has 51 company-owned stores as well as one franchise store in Northern Ireland, had suffered a 5.4% fall in sales in the previous financial year and battled a tough market in recent years.
Richer Sounds, which has a strong focus on good service and low prices, had struggled to compete with an improved home entertainment electricals offer from the likes of Currys as well as the buying power of online giant Amazon in recent years.
Directors added that a focus on costs improved financial performance. “A major review of overheads, both at store level and centrally, was undertaken by the company, resulting in savings of £1m being achieved without any store closures or employee redundancies,” they said.
The retailer, which employs 460 staff including 369 in store, said all of its stores are profitable excluding distribution and advertising costs.