Greaves Sports profits down 3.6% as “trading remains tough”

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Greaves Sports trading update
The independent sports retailer was previously known as the Clydesdale Rubber Company
// Greaves Sports turnover dips 3.6% to £5.4m in the year to January 31
// The accounts show a pre-tax profit of £4314 for the 12 months to January 31

Greaves Sports has recorded a drop in profits as “trading remains tough”.

The independent sports retailer, which was previously known as the Clydesdale Rubber Company, saw its turnover fall by 3.6 per cent to £5.4 million in the year to January 31.

The accounts show a pre-tax profit of £4314 for the 12 months to January 31, compared with almost £515,000 in the previous year.

However, that year included a £554,000 gain on the sale of a property in Edinburgh.

The most recent accounts for Greaves Holdings, the holding company, include a £31,660 gain relating to the sale of the Sauchiehall Street store in Glasgow, which closed in 2017.

“The retail market continues to be challenging and during the last financial year the group has continued to have tighter controls on its overheads on the high street whilst growing its online business,” Greaves Sports directors said.

“The group continues to maintain good working relationships with suppliers and has been actively seeking improved terms and sales agreements with a reasonable degree of success.”

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