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Pre-tax profits take a hit at Schuh due to tough trading

Pre-tax profits at Scottish-based footwear retailer Schuh fell by 7.2% to £7.7 million for the year to March 26 2006. Turnover rose 4%, but group chairman Terry Racionzer warned that this year was proving as tough as the previous year, and that trading was unlikely to improve. Price deflation and stiff competition from discounting rivals was blamed for the performance.