Department store chain posts sales fall

Four-store department store chain in south Cornwall and south Devon, Trago Mills, has reported a slight decline in sales.

According to its latest filed accounts for the year ended 29 December 2019, total sales fell 7% to £22m from £23.8m in 2018.

Gross profit reduced from £7.6m to £7.2m, while pre-tax losses increased from £760,000 to £34.8m.

Stated within its report, the company said that the fall in sales was the main driver to the increase in losses, although this has been “exacerbated by a reduction in rental income received”, with the previous year benefiting from “one-off rentals in relation to works on the A30 trunk road”.

Looking ahead, the business said that increases in technology and cost saving measures are expected to turn the company back into profit.

Its parent company, Charles Robertson (Holdings), did post an increase in sales by 0.8% to £84.1m.