This marks a significant rise from £18.1m reported in the previous year, continuing the upward trend in sales despite the 60% drop in profits experienced in 2020.

The firm operates stores in various locations including Broughty Ferry, Aberdeen, Perth, and Inverness, along with a clearance outlet in Montrose. Despite a modest decrease in pretax profits to £2.9m, down from £3.1m, Gillies expressed satisfaction with their financial performance given the prevailing trading conditions.

While the first half of 2021-22 saw a surge in orders post-Covid lockdowns, the second half was marked by increased economic instability due to the cost-of-living crisis, the Ukraine war, and supplier price inflation. The company acknowledged these challenges put significant pressure on their operations.

To mitigate rising utility costs, Gillies has engaged in energy-saving activities, including the implementation of replacement lighting across all stores.

The company strengthened its position through the strategic acquisition of its competitor, Grampian Furnishers, in June 2022. This move increased the company’s headcount to 200, an annual increase of about 20, and pushed up the wage bill to £5.8m, from £4.9m in 2021.

The company’s managing director, Ian Philp, said the firm’s financial year was dichotomous. The post-Covid bounce back initially boosted sales, followed by a dip in consumer confidence due to the general economic situation.

Despite the economic hurdles such as rising interest rates and inflation affecting customer demand, Mr Philp expressed confidence in the company’s ability to navigate the challenges, drawing on its extensive history and experience, The Courier & Advertiser reports.