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Discounting hits profits at Footasylum

Footwear retailer Footasylum swung to a loss of £4m in the 26 weeks to 25 August, compared with a profit of £2.3m for the same period the previous year.

Executive chairman Barry Bown blamed the slump on “higher clearance activity in stores” and the “extensive investment” being made to position the business for future growth.

Revenue at Footasylum was up 19% to £98.6m for the period. Store revenue grew by 12% to £66.3m and online sales were up 29% to £30.2m. Wholesale rocketed by 200% to £2.1m.

Bown added: “This has been a difficult trading period for Footasylum as we have contended with tough conditions on the high street and some delays in our programme of new store openings and upsizes ahead of the peak trading period.

“We are encouraged by the early results and trends that we are seeing from our investments in key areas such as digital and marketing and see substantial opportunity for further progress across these and other parts of our operations. In the longer term, we remain confident that the company’s differentiated, product-led, multi-channel proposition, combined with strong partnerships with core suppliers, will underpin our future progress.”

Footasylum opened one new store in the period, bringing its total store estate to 66. It plans to open a further five stores and upsize another five before the end of this financial year.

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