Oliver Bonas has seen profits tumble as middle-class shoppers tighten their belts.
The retailer – which sells jewellery, stationery and clothing – said the business was affected by high interest rates and the cost-of-living crisis.
Profits were £6.8m in 2023, down from £7.6m the year before.
The company employs more than 1,500 staff and has 84 shops.
But despite weaker profits, sales climbed 18 per cent to £136m in 2023.
Timothy Hollidge, a company director, said the start of 2024 had also been ‘stronger than expected’.
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