A Belfast jeweller has attributed ‘continuing retail pressures’ in the retail sector as the main factor in squeezing its profits to a loss.
Despite posting a rise in sales, Lunn’s, based in Queen’s Arcade, reported a pre-tax loss of £73,319, following on from a pre-tax profit of £352,338.
For the year to 29 February 2016, the company reported turnover of £13.2m compared to £13m for the previous 12 months.
Lunn’s Jewellers, a family-run business spanning three generations, is implementing action to return the company to profitability in the 2016 financial year, insider media reported.
Despite the results, Lunn’s insisted that both the level of business and period-end financial position were satisfactory.