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Oliver Bonas has seen profits fall as middle-class shoppers tighten their belts.
The retailer, which sells jewellery, stationery and clothing, said business was hit by high interest rates and the cost of living crisis.
Profits were £6.8m in 2023, down from £7.6m the previous year.
Tough times: Oliver Bonas said business was hit by high interest rates and the cost of living crisis
The company employs more than 1,500 workers and has 84 stores.
But despite lower profits, sales rose 18 per cent to £136m in 2023.
Timothy Hollidge, the company’s director, said the start to 2024 had also been “stronger than expected”.
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