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Losses mount at Aldo amid business rate woes

Footwear retailer Aldo has announced it made a loss of £1.8m in the year to January 2017, as revenues fall stores close.

Revenues at the UK arm of Canada-based Aldo fell 9% to £39.7m, from £43.7m the year before, the London Evening Standard reported. However, the business expected to be profitable “in the near future”.

Onerous business rates are believed to be an issue for the retailer, as an increasing number of shoppers opt for online, the newspaper said. Last year Aldo shut three of its standalone stores, and last week called off the acquisition of US brand house Camuto Group, after a “mutual” decision not to pursue the sale.

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