Lakeland saw losses widen as it entered the year facing its “most challenging economic conditions for several decades”.
Pre-tax losses grew from more than £1.1m the year prior to nearly £2m at the kitchenware chain for the year ended 31 December.
Sales also fell slightly from £154m to almost £153m for the period.
The retailer noted high inflation led to a drop in demand for many of its traditional categories, which it tackled by focusing on its “spend smart” campaign during its first half.
It added that conditions became more challenging during its second half, as the energy crisis lessened but the cost-of-living crisis “deepened”.
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During 2024, it remained focused on its ongoing response to a “far more challenging macroeconomic environement” which remained a “key short term priority” for the business.
It also said the inflationary environment would remain a challenge, despite easing, and that it planned to continue to invest in staff pay.
Lakeland unveiled a restructure at its operating board back in 2020, after its owners the Rayner family stepped down.
Commenting at the time, the brand said a “smaller board will allow Lakeland to be more agile while focusing on the most important areas of strategy and operational delivery”.
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