Furniture retailer Nick Scali (ASX:NCK) hopes that 2023-24 will be a year it and the market can forget, after again cutting its dividend amid a not unexpected decline in revenue and sales for the 12 months.

The group reported a 29% drop in earnings at the December 31 halfway mark, which was trimmed in the second half to a 20.3% decline to $82.1 million from $101.1 million for 2022-23.

Revenue fell 7.8% to $468.2 million from $507.7 million in the previous year.

The final dividend was cut by 2 cents a share to 33 cents, bringing the total for the year to 68 cents, down from 75 cents a share. The interim dividend was reduced by 5 cents a share.

Nick Scali acquired UK-based Anglia Home Furnishing (trading as Fabb Furniture) on May 8, and its contribution is included from that date.

Group revenue for the year of $468.2 million includes $8.3 million for Fabb Furniture.

Revenue in Australia and New Zealand (ANZ) for the year to June totaled $459.9 million, which the company said was "consistent with written sales order levels and typical delivery lead times."

"Revenue in the prior year benefited from increased deliveries as the June 2022 order bank reduced with lead times returning to pre-COVID levels. As a result, group revenue for FY24 was 7.8% lower than the prior year, and ANZ revenue was 9.0% lower than the prior year."

Group gross margin of 65.6% for 2023-24 improved 2.0% compared to FY23. Excluding Fabb Furniture, ANZ gross margin was 66.0%, up 2.5% compared to FY23, Nick Scali said on Friday.

Looking to the coming year in Australia, New Zealand, and the UK, Nick Scali was not particularly optimistic.

While in Australia and New Zealand, "June 2024 benefited from five weekends of trading, while July was disadvantaged by one fewer weekend compared to the 2023 calendar year."

"Written sales order growth for June and July combined was -1.2% compared to the prior year."

"We continue to expand the store network and expect to open two Nick Scali stores and three to five Plush stores in FY25."

In the UK, "Written sales orders are down, affected by a combination of tougher market conditions, longer lead times due to supply chain disruptions, and the commencement of store refurbishments."

"Trading is expected to deteriorate further in the first half of FY25 as disruption increases due to store refurbishments and a change in the product range."

The latter comment was somewhat expected, given what Nick Scali management had to say about its UK acquisition and the market when the deal was done in May, but Australian investors will be looking for signs of improvement later this year.