The Prince of Wales’ organic business, which pays all earnings to his charitable foundation, saw profits plunge from £793,432 to just £151,717 in its latest accounts.
Sales for the year to 31 March 2008 were down to £4m from a mark of £4.8m the year before.
The news comes after it emerged this week that Duchy was parting company with a handful of staff as it battles to the combat the effects of the downturn.
“The problem wasn't that, biscuit for biscuit, we were more expensive,” insisted chief executive Andrew Baker. “It was that we were the only ones in 250g packets. The entry price to our brand was often prohibitively expensive simply because we were selling too much product.”
Read this week’s edition of The Grocer for an extended interview with Baker.