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Discounting hits Schuh profits

Footwear retailer Schuh’s annual pre-tax profits fell 9.6% to £15m, as a result of the “overtly promotional retail market”.

Revenue at the retailer for the 12 months to 3 February 2018 rose 9.8% to £308.5m. 

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.”

The retailer said it will diversify its store portfolio next year, having opened two new stores in Fort Kinnaird, Edinburgh, one for adults and one for children, and relocated two stores in the Lakeside shopping centre. The retailer is also opening kids stores at Cribbs Causeway in Bristol and Eastbourne.

Schuh sounded an optimistic note for the future, stating that the re-platforming of its website last year allowed more flexibility for future programming and ease of updates across the site.

Schuh has 135 stores in the UK, Ireland and Germany. It was named Employer of the Year at the Drapers Awards in November. 

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