Footwear retailer Russell and Bromley has announced a 55% fall in profits in the year to 31 December 2017.
The fall represents the company’s third consecutive year of falling profits after it also announced that turnover dipped by 6% to £100.6m across the same period. The retailer called the challenges it was facing on the high street, a “cause for concern”, amid a 63% drop in operating profits to £6.6m.
Russell and Bromley said it had mitigated potential losses due to a fall in foreign exchange rates having covered them in advance.
Despite the company’s recent woes, it said in its announcement that the company was “debt-free and maintains cash balances sufficient to meet its working capital requirements” adding that it would continue to invest in “maintaining its shops to a high standard”.
Russell and Bromley added it was planning to continue looking for new stores and to “rationalise non-performing stores”.
Russell and Bromley is set to close its Oxford Street flagship store along with its Kensington store. In an attempt to minimise costs, the retailer has already closed stores in Bournemouth, Bromley, Salisbury and a Westfield London store focused on its children’s range.
Retail Sector has contacted Russell and Bromley for comment.