Hi-fi and televisions retailer Richer Sounds experienced a pre-tax profit decline of 8% to £3.4m in its full year.

Turnover, however, rocketed 38% to £116.2m in the year to May 2.

In documents field at Companies House Richer Sounds said like-for-likes remain “significantly above” last year.

However, the retailer said that since year end the “difficult trading conditions have continued their pressure on gross margins”.

Richer Sounds purchased the brand name, web architecture and databases of collapsed electricals retailer Empire Direct in February in an effort to expand its range of products into small and large electrical appliances.

Richer Sounds, owned by entrepreneur Julian Richer, trades from 48 UK stores, and one franchised shop in Northern Ireland.