UK-based furniture retailer Land of Leather has posted an 87% decline in profit for the year ended August 3. The credit crunch appears to have taken its toll, with pre-tax profits for the year totalling £4 million compared with £18.5 million the previous year. Sales fell 3% to £232 million.

The company is not expecting the coming year to be an easy one as consumer confidence continues to fall. Chairman, Roger Matthews, believes “challenging market condition” will continue throughout 2008 and 2009, as many people put off buying ‘big ticket’ items.

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