Footwear retailer Schuh has announced a pre-tax profit fall of 9.6% down to £15m for the previous financial year.
The retailer blamed a “lacklustre” festive period on an “overtly promotional retail market” in the footwear industry. Despite the profit fall the retailer announced a revenue rise in the year to 3 February of 9.8% to £308.5m. Like-for-like sales at Schuh also saw an increase, rising by 4% over the same period.
David Gillan Reid, finance and HR director at Schuh, said: “We had a strong start to the year, however, from Black Friday onwards, in line with retail generally, we found the market much tougher. The promotional environment on the high street continued right through until Christmas, culminating in a lacklustre festive sales period.”
Schuh is aiming to diversify its store portfolio next year as it prepares to open one adults and one childrens store in Fort Kinnaird, Edinburgh and plans to relocated two Lakeside stores.