Mackays stores, which trades as M&Co, has revealed that operating profits before amortisation and goodwill fell from £9.8m to £8.6m in the year to February 20.
The Paisley-based privately-owned retailer said that the results were satisfactory in view of difficult trading conditions following the poor weather in the spring and summer last year and the worsening economic climate in the autumn and winter.
However, the value retailer, which began rebranding as M&Co in 2006, has benefitted from customers trading down to notch up a 6 per cent like-for-like rise in the 23 weeks since the year end.
For the full year to February 20, turnover was £162.7m, excluding VAT and EBITDA was £19.8m.
M&Co, which operates from 287 stores in the UK, opened four stores during the year. It has acquired eight more stores in the current year and anticipates opening more over the next few months.