Footwear retailer Soletrader has reported a 1% increase in full year profit before tax to £1.4m, following a period of “heavy investment”.
Turnover at the business edged up 0.83% to £38.3m for the year to June 27, while profit after tax was up 12.4% to £1.1m.
During the year the business opened new stores in Cribbs Causeway near Bristol, Nottingham and the London Designer Outlet in Wembley. It closed two shops in Cheltenham and Newcastle and refurbished eight, in Sutton, Cambridge, Canterbury, Chester, Chapelfield, Cheshire Oaks, Bridgend and Aberdeen.
Since the financial year-end, Soletrader has refurbished a further seven stores and opened one, taking its total number to 50.
In June Soletrader relaunched its three websites following a £500,000 investment to ensure they are consistent with the look of its refurbished stores. The Soletrader, Sole and Soletrader Outlet sites now have improved navigation functions, blogs and a responsive design that enables customers to shop easily on mobiles and tablets.
Derrick Hoyle, buying controller at Soletrader, said the results provided further “strategic opportunities” for growth. “Last year was a heavy year of investment as we refitted numerous stores, launched a new responsive web platform and refashioned our branded offer to reflect our premium proposition. This investment is ongoing and we are delighted with the early results of our efforts.”