Flying Tiger Copenhagen has halted UK store openings after a plunge in profits.

Flying Tiger Copenhagen’s profits slid from £2.9m to £748,000 in 2018, when sales edged down from £48.1m to £47.3m, The Mail on Sunday reported.

The homewares and gifts specialist is focusing on improving performance in its existing UK branches, Tiger Retail Ltd boss Peter Casey said.

The Danish retailer has been operating in the UK since 2005 and has 47 shops in this country.

Casey told the newspaper: “We generated a profit in 2018 – albeit not at a level which was satisfactory.

“The UK retail sector is experiencing challenging times with consumer spending pressures, increasing costs – especially rent and payroll – and significant numbers of store closures. Tiger Retail has not been immune to this.”

However, he said that he was still “very positive” about the retailer’s future in the UK and that customer numbers and sales in existing stores were both ahead of last year’s performance.

The business was launched in the UK by entrepreneurs Philip and Emma Bier, who sold their holding back to the Danish parent two years ago.