Historic family-owned jewellery giant Beaverbrooks is "both culturally and commercially stronger than ever before" after it finances withstood the impact of the Covid-19 pandemic.
The Lytham St Annes-headquartered business has reported a turnover of £123.1m for the 12 months to February 27, 2021, down from £143.2m in the prior year.
Its pre-tax profits also dipped slightly from £10.7m to £10m over the same period.
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The full-year figures come after the company hailed its "phenomenal performance" in April 2021 on the first day of trading after the latest Covid-19 restrictions were lifted in England, with its sales almost doubling compared to the same trading day in April 2019.
A statement signed off by the board said: "The directors are delighted with the performance of the company in a year where our trading decisions were significantly influenced by the Coronavirus pandemic.
"Our focus throughout the year has been keeping our colleagues and customers safe.
"This was achieved through investment in PPE, reconfiguration of working environments and facilitation of home working to maintain social distancing.
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"In a year where most stores were unable to trade for six months, the successful upscaling of out e-commerce operations enabled us to continue to provide excellent service for out customers throughout the year."
During the year the company used the Government's Job Retention Scheme, business rates relief and Covid business grants.
Beaverbrooks added the "assistance has ensured our ability to support all our colleagues throughout this difficult year without the need for redundancies.
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The business also proceeded with plans to acquire two Rolex agencies and completed a deal to buy the balance of shares in Whittles (Jewellers), which is now a fully-owned subsidiary.
On its outlook, Beaverbrooks added: "The directors expect to experience a continued challenging retail environment in the year ahead.
"The team work and dedication shown by all Beaverbrook colleagues during this financial year has been outstanding.
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"Together as the Beaverbrooks family, we are emerging from the Coronavirus pandemic having faced and overcome all the new challenges that presented themselves this year.
"As a result we are both culturally and commercially stronger than ever before."